Residents of the towns where the pipeline has been proposed should be aware that they will very likely be paying much more for homeowners' insurance if the pipeline is on or near their land -- if they can get insurance at all.
A friend sent me the following comment: "At one of the Townsend pipeline meetings early on, one of the residents said they called their insurance company, as the pipeline will be going through their property and the ins. co. told them they would cancel their insurance. Property values on the pipeline and those around it will decrease 10-30%. 30% = on the average $100,000!! That is a LOT of money!! Decrease in property values will have a snowball effect. Others in town who want to refinance, purchase a home, etc., will have their comp now compared to properties of lower value. Overall, the pipeline is NOT beneficial to any resident in town in regards to their real estate value!!"
The New York Times had an article on 7/13 about a similar pipeline project in Pennsylvania. A homeowner on the proposed route contacted her insurance company and was told that her insurance would be changed from residential to commercial and the premiums would increase. The article also stated that many banks would be reluctant to finance or re-finance properties on or near the pipeline.
So, if I understand this correctly: 1) People who own property in the path of, or near, the pipeline would probably be unable to sell their house because a potential buyer could not get financing.
Will Kinder Morgan pay our higher insurance bills? Will they compensate homeowners for the loss of property values? Will they buy our house for fair market, pre-pipeline value if it can't be sold?
Who is going to benefit the most from this project? Let's see -- Kinder Morgan stockholders, Kinder Morgan CEOs, CFOs, and other executive fat cats who will get big bonuses for creating a huge, ugly, toxic DEAD ZONE through 29 Massachusetts municipalities on its way from New York to Dracut, and extend its "feeder" tentacles into New Hampshire and other areas.
How are the citizens of any of these towns going to benefit? We'll have higher utility rates and higher insurance rates (or our properties will be uninsurable); our houses will be worthless; the quality of our water supply will be at risk; we will lose millions of trees that help combat global warming and purify the air; a huge swath through our beautiful conservation and open space lands will be denuded.
Contrary to the Supreme Court decision, corporations are NOT people. Real people care about others. Kinder Morgan could care less about our quality of life -- all they care about is their bottom line. Corporate greed should not be allowed to trump the interests of the citizens that their actions would affect.