Plymouth, Massachusetts pilots insurance solutions for coastal risks
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The town of Plymouth, Massachusetts is partnering with InnSure, a Cambridge-based nonprofit, to address rising insurance costs and potential tax revenue loss due to sea level rise.
Plymouth received nearly $300,000 in state funding to develop a digital platform that models how investments in climate resilience, like raising properties or upgrading roofs, impact insurance rates within a 500-property vulnerable zone.
The system expands on a previous pilot program in Salem and aims to give local leaders and property owners data to make informed decisions about minimizing risk and lowering premiums. Steve Brandt of InnSure explained that the program seeks to shift control of insurability to the community, allowing them to demonstrate the value of their resilience efforts to the insurance industry.
Massachusetts faces increasing challenges in its home insurance market due to inflation, tariffs, and climate-driven disasters, though its situation is currently more stable than states like California and Florida. Plymouth’s town officials recognize that sea level rise threatens not only property values and tax revenue, 85 percent of the town’s revenue comes from property taxes, but also the livelihoods of those involved in the town’s maritime economy.
The project acknowledges that upfront investment costs for resilience improvements can be substantial, and that even with improvements, insurance gaps may remain, as only a small percentage of US homes currently have flood insurance. Despite these challenges, Plymouth hopes this model can be expanded throughout the state and serve as a tool for communities to proactively address climate risks.
