A Proposed Approach to Assessing Coastal Property Risk due to Sea Level Rise

Rising sea levels continue to gain the attention of engineers, planners, the insurance industry, and property owners. The East Coast of the United States is particularly vulnerable to impacts from sea level rise given its densely populated environment coupled with relatively higher rates of sea level rise compared to the global average. While historically the value of coastal real estate has been higher than inland property values, a recent study performed by First Street Foundation and Columbia University noted that coastal real estate appreciation values are lagging their inland counterparts due to the risk of coastal flooding connected to sea level rise. Geotechnical engineering has focused on allowable stress design and factors of safety; however, due to the uncertainty associated with sea level rise, the future of coastal geotechnical consulting will require a skillset founded in reliability-based design. This paper outlines an example approach for a site-specific risk assessment.