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California City Awarded Grant to Study Insurance Protections from Sea Level Rise

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A California city has been awarded a grant to study insurance protections from sea level rise.

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The City of Imperial Beach received an $848,000 grant to develop flooding adaptation strategies to help prepare residents for coastal flooding expected to intensify due to climate change.

The grant was approved this week by the California Ocean Protection Council, a state council charged with protecting California’s coast and ocean.

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The fund are expected to enable the city to create a road map to guide the development of future coastal resiliency projects in a coordinated effort between the city, federal, state and local agencies, landowners and the public.

One of the strategies that the city is expected to explore is innovative insurance approaches, with support from the California Department of Insurance.

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Two components of the grant address financing and insuring coastal flooding adaptation strategies. First, the city will collaborate with the CDI and Scripps institution of Oceanography to understand the risk and exposure associated with coastal flooding and implementation of nature-based flood adaptation strategies. The team will explore gaps in insurance, cost of action and inaction, and development of parametric insurance products to reduce risk. Second, the City will develop a framework to establish a climate resilience financing district to fund projects addressing flooding in the community.

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