This is such an apt and timely question!! YES, we are considering it, and we are selling coastal properties. Here is why.
First, when the actuaries and the public finally really decide that at-risk geographic locations are devalued, I don't want to own them! And our thinking is that the consensus will be sudden, without warning, and devastating.
Second, no one pay rent based on flood insurance premiums. So, as a cash-flow decision, it makes sense to be out of a flood zone.
Third, why risk a disruption of business, and why not have the much more valuable property after the flood happens? Rental prices will rise dramatically when everyone downhill has been made homeless.
Fourth, common properties (condominiums, home owner associations) will have to re-mortgage their properties to ameliorate the effects of rising water levels.
EVEN MORE -- I have fear for whole cities. Cities like Albuquerque, Las Vegas, and Chattanooga and many gulf coast cities make me cringe. They are in NO WAY prepared for what has already happened in South Carolina, Golden and Boulder Colorado, Pennsacola, and Hershey Pennsylvania. The macroprecipitation events ("1000-year rain") is CLEARLY the new normal. In Albuquerque the hydro engineers are looking nervously at their arroyos. In Chattanooga the TVA is wringing its hands and deciding if they need to make their dams taller.
Buy the house on top of the hill. And sell everything that could be struck by a 1000-year precipitation event.....because we are all MUCH MORE LIKELY to see a 1000-year event than we were at the year of our births. Some people are in denial about AGW, but while they argue about it, it is happening! Hard to argue over observations which are actually occurring.
Landslave