83 percent of home shoppers consider climate risk: study

More than 80 percent of prospective homebuyers nationwide consider climate risks when shopping for a home, with millennials being the most considerate generation, according to data from Zillow.

thehill.com

Relevant topic timeline:

8/29/2023

Americans declining to buy homeowners insurance as premiums soar

More Americans are choosing not to buy home insurance due to rising premiums, putting them at significant risk of losing their homes and belongings in case of a disaster, with factors such as inflation and climate change being blamed, and those with lower incomes being more likely to go without coverage.

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

Frequent weather catastrophes, fueled by climate change, are causing disruptions in the home insurance market, with insurers pulling out of high-risk areas, raising prices, and reducing coverage, leading to tougher choices and higher costs for consumers.

9/18/2023

Housing Market Faces Challenges as Rates Rise, But Demand Supported by Ongoing Shortage

The housing market faces challenges from 7 percent mortgage rates, but the downside risk to home sales is limited due to sales being driven by life events and high cash purchases, according to Fannie Mae's Economic and Strategic Research Group.

9/20/2023

Climate Change Drives Home Insurance Crisis in U.S. as Rates Soar and Coverage Vanishes

Millions of American homeowners are facing increasing insurance costs and reduced coverage due to climate change-related risks, with properties in high-risk areas potentially becoming overvalued as insurance underprices the risk, according to a new analysis from the First Street Foundation.

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.

9/21/2023

New report finds 1 in 4 U.S. homes overvalued due to climate risks, creating 'climate bubble' that could burst

A new report by nonprofit First Street Foundation suggests that a quarter of residential properties in the U.S. are overvalued in relation to their climate risk, with homes in states like California and Florida being more vulnerable to damages from extreme weather events such as hurricanes, floods, fires, and earthquakes. The number of homes likely to be destroyed by fires each year is projected to double in the next 30 years, reaching nearly 34,000 in total, according to the research. The overvaluation of properties due to climate risk could potentially have disastrous consequences for the housing market, leading to a deflation of the climate bubble.

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Posted 9/5/2023, 11:03:00 PM

83 percent of home shoppers consider climate risk: study

More than 80 percent of prospective homebuyers nationwide consider climate risks when shopping for a home, with millennials being the most considerate generation, according to data from Zillow.

thehill.com

Relevant topic timeline:

8/29/2023

Americans declining to buy homeowners insurance as premiums soar

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

9/18/2023

Housing Market Faces Challenges as Rates Rise, But Demand Supported by Ongoing Shortage

9/20/2023

Climate Change Drives Home Insurance Crisis in U.S. as Rates Soar and Coverage Vanishes

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.

9/21/2023

New report finds 1 in 4 U.S. homes overvalued due to climate risks, creating 'climate bubble' that could burst