By ERIN FLYNN JAY Severe storms cause billions of dollars in damage each year in the United States and climate risks are forcing property owners, mortgage lenders, and insurance companies to rethink their strategies. According to the National Oceanic and Atmospheric Administration, from 1980 to 2024, there were 403 confirmed weather/climate disaster events with losses…
Photo: Coastal flooding during storms is an ongoing issue that will continue to impact properties in towns such as Hampton, New Hampshire. By KIMBERLEY HAAS The economic impact of climate change was the opening topic of discussion at the National Association of Real Estate Editors conference on Tuesday. John Rogers, chief innovation officer at CoreLogic,…
By CHUCK GREEN In upcoming decades, U.S. homeowners in areas along coastlines could be up the proverbial creek. Sea level rise, along with changing storm patterns, could result in flooding that severely damages homes in many coastal areas. Especially vulnerable, according to estimates, are the Gulf of Mexico, Florida, the Carolinas, and the Washington, DC,…
By KIMBERLEY HAAS The president of Rutledge Claims Management says the hazard insurance industry faces critical challenges in properly assessing and pricing climate risks, which directly impacts the vulnerability of mortgages. Aubrey Gilmore has over 15 years of experience in hazard claims, mortgage servicing, and insurance claims. She was recently promoted from chief operations officer…
As floods, fires, and devastation become commonplace in areas with high climate impact, more Americans than ever are factoring disasters into their homebuying decisions. A majority of buyers in every region of the U.S. consider at least one climate risk when home shopping, according to a new report from Zillow. Americans living in the West are…
Homeowners are in for more financial stress in 2023 as insurance rates are set to rise. Experts at Insurify, a virtual insurance company, predict that home insurance rates will rise 9% in 2023, from $1,636 to $1,784. That’s on top of last year’s 7% jump. Repairs are more expensive thanks to increased material costs. Just…
More than half of U.S. homes built in the last ten years face risk from climate change, a huge jump from previous decades, Redfin reported. Redfin analyzed climate-risk scores from ClimateCheck and county records on homes built since 1900 to determine how many homes have a higher risk of climate-related damage. Fifty-five percent of homes…
Americans are paying top dollar to live in areas prone to devastating environmental disasters, with home prices soaring in these locations. A new report from real estate publication Home Bay found that home prices are increasing at a higher rate than the national median in the areas most impacted by climate change. Home sales prices…
More than 14.5 million single- and multifamily homes were impacted by natural disasters in 2021, causing an estimated $56.92 billion in property damage, according to CoreLogic’s 2021 Climate Change Catastrophe report. The report analyzed thirteen “major hazard events” of 2021– including hurricanes, tornados, wildfires, and winter storms– and 120 million residential structures in the U.S….
Both homeowners and lenders may be underestimating the rising cost of insurance following a growing number of natural disasters, according to a SitusAMC white paper titled “Weathering the Storm: Burgeoning Insurance Costs for Real Estate.” The paper found that natural disasters have impacted residential property nationwide, not just in areas with highly publicized disasters such…
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