All articles tagged with #climate risks
Originally Published 29 days ago — by Oregon Public Broadcasting - OPB
The Pacific Northwest is experiencing an influx of climate migrants fleeing environmental risks like droughts, wildfires, and flooding in other regions, prompting experts to advise the area to prepare for population growth and increased climate resilience, emphasizing community strength as a key factor.
Originally Published 1 year ago — by Greater Baton Rouge Business Report
Research from Realtor.com reveals that Baton Rouge-area homes have a high potential for climate risks, with 100% of the homes in the market at risk for severe or extreme heat and wind damage, and a market value of $64.7 billion. New Orleans-area homes also face similar risks, with a market value of $106.8 billion. The climate risk factor scores, provided by Realtor.com in collaboration with First Street, highlight the increasing connection between climate risk and financial risk in the real estate market.
Originally Published 2 years ago — by Fox Business
California's extreme wildfires have led to a lack of home insurance options for residents as climate risks increase. Some insurance companies are either refusing new applications or leaving the market altogether. Homeowners in fire-prone areas are experiencing significant rate hikes, with premiums doubling in some cases. The limited number of major insurance companies remaining in California has resulted in higher prices, as there is less competition to counterbalance the increased fire risk. Insurance companies are still recovering from past wildfire disasters, leading to the need for higher premiums to recoup losses. Home insurance prices rose by 7% last year and are expected to increase by 9% in 2023 due to inflation and the rise in natural disasters and severe weather.
Originally Published 2 years ago — by Capital B
A new mapping and data tool developed by Environmental Defense Fund and Texas A&M University researchers identifies 184 climate risks faced by communities across the United States, with a focus on the disproportionate vulnerability of Black and Indigenous populations to extreme heat. The tool aims to provide residents with knowledge about the climate risks they face and empower them to advocate for resources and change. The mapping tool reveals disparities in publicly funded services and resources, such as the absence of cooling centers in Beaumont, Texas, a city experiencing more heat-related deaths than 93% of the country. The tool combines 184 data sets to rank the risks of over 70,000 U.S. census tracts, offering a comprehensive view of climate vulnerability. Researchers hope the tool will hold policymakers accountable and spur legislative action to address climate disparities.
Originally Published 2 years ago — by CBS News
Rising climate change risks, including wildfires and floods, are making homes in parts of the U.S. "essentially uninsurable," leading to skyrocketing insurance rates and coverage withdrawals by insurers. About 35.6 million properties, or one-quarter of all U.S. real estate, face increasing insurance prices and reduced coverage due to high climate risks. The higher costs not only strain homeowners' budgets but also devalue their properties. Major insurers have stopped renewing policies in climate-hit states, leaving homeowners to rely on state-run "insurers of last resort" programs that often provide less coverage at higher premiums. The insurance industry attributes the rising costs to the increasing frequency and severity of claims. As a result, homeowners in high-risk regions are either struggling to afford insurance or forgoing it altogether, leading to potential property devaluation.