Land subsidence is causing many US cities like New Orleans, New York City, and Miami to slowly sink into the ground, which can damage buildings and infrastructure. When combined with rising sea levels caused by climate change, land subsidence increases the risk of flooding for homes and businesses. Research estimates land subsidence could decrease home values by 6 to 8% on average in affected areas. Standard homeowners insurance does not cover damage from land subsidence. Land subsidence has both natural causes, like retreating glaciers and tectonic shifts, as well as human causes, like excessive groundwater pumping and heavy construction.
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00:00It's Benzinga, and here's what's on the block.
00:03Land subsidence is causing many U.S. cities like New Orleans, New York City, and Miami
00:07to slowly sink into the ground, which can damage buildings and infrastructure.
00:12When combined with rising sea levels caused by climate change, land subsidence increases
00:15the risk of flooding for homes and businesses.
00:19Research estimates land subsidence could decrease home values by 6 to 8 percent on average in
00:23affected areas.
00:25Standard homeowners insurance does not cover damage from land subsidence.
00:28Land subsidence has both natural causes like retreating glaciers and tectonic shifts, as
00:33well as human causes like excessive groundwater pumping and heavy construction.
00:37For all things money, visit Benzinga.com.