Illustration: Lazaro Gamio/Axios
North Carolina faced damages of more than $10 billion from Hurricanes Bertha and Fran in 1996, part of a string of disasters that forced the insurance industry to evaluate how much coastal risk it was willing to sustain.
The big picture: Despite wholesale reforms in insurance and increased awareness about future vulnerability for coastal property, developers built 113,000 new homes in coastal North Carolina from 2000 to 2014, ProPublica notes.
Why it matters: Florence will restart the post-storm hamster wheel. Local officials will mull whether to rebuild or to buy out residents, even with staggering losses for the uninsured and increasing liabilities for those within insurance's broad umbrella.
A different process is playing out in Puerto Rico, the WSJ reports:
Between the lines: Mainland coastal areas like North Carolina and Houston, Texas, know these dangers exist. So, too, do those living in and governing areas vulnerable to inland flooding from slow-moving tropical storms and hurricanes, such as Harvey and Florence. Their main mechanism is the buyout.
The bottom line: Expect this debate to get worse, with taxpayers on the hook for growing catastrophes and increasingly hot political battles between insurers and homeowners.
Photo: Joe Raedle/Getty Images
Bob Richling carries Iris Darden as water from the Little River starts to seep into her home today in Spring Lake, North Carolina.
Legalized sports betting is facing major concern from the collegiate sports world, the AP's David Porter and Regina Garcia-Cano report.