Maritime operators need to account for risks to their structures in waterfront areas, especially since the classification of hazardous areas has the potential to change. That seems to be the case with the recent federal reassessment of flood areas across the country, which evaluated the risk of property damage to structures located in those places.
In Maine, the Portland Press Herald reports that the government now considers certain properties in local counties to be at different levels of risk than previously thought. Towns located in the southeastern region of the state, including Old Orchard Beach, are seeing an increased number of areas labeled as being at "high risk" for flooding. For Old Orchard, the amount of land in peril jumped by 28 percent.
Boat dock insurance can be just one of the types of packages needed to respond to this, but how to do so when it's too expensive to keep property protected? The Main Public Broadcasting Network spoke to Democratic Representative Chellie Pingree about the specific cost that residents have to bear.
"The difference about Maine is we have buildings, fishing communities, that have been on the coast for literally hundreds of years, more than 100 years, and to put the burden of the cost on us, in the same way that's being done in other places, I just think puts us in a very difficult position."
The difference in cost for marina insurance or some other building could be what pushes your budget into the red, so seek out trusted providers to give you the resources to deal with these changes soon.