This is a great way to raise the cost of home insurance—and lower the value of your home.
About twenty years ago, the Federal government decided top to re-examine the flood plains in Ventura County where I live. They decided that my home was in a flood plain, meaning my home insurance would more than double. Guess they did not realize I lived at the top of a mountain. For the flood get to my home, the city of Simi Valley would have to a flood of over 200 feet from the floor of the Valley. In that case I would need Noah and his Ark, not flood insurance. Finally, my Congressman got the government to realize its mistake.
“Home shoppers browsing Zillow will now have access to climate risk data.
The real estate marketplace says it will soon begin offering comprehensive flood, wildfire, heat and air quality data on home listings in the U.S.
Zillow says the information will include risk scores, interactive maps and insurance requirements.
This comes as 80% of homebuyers are considering climate risks when buying a home, according to Zillow. In the wake of events like Hurricanes Helene and Milton, this information is especially relevant.
Natural disasters are becoming more frequent and extreme, according to the National Oceanic and Atmospheric Administration, with severe storms and flooding representing the most dramatic upticks in NOAA’s disaster count last year. Massive tornado outbreaks and wildfires also saw spikes.”
How many people monitor Zillow? If this goes forward people will have their insurance increased and not know why. This looks like an economic disaster in the making.
Zillow to add climate risk data—like flood and wildfire info—to home listings
The real estate marketplace says it will soon begin showing comprehensive flood, wildfire, heat and air quality data to U.S. homebuyers.
By: Elina Tarkazikis, Scripps News, 10/13/24 https://www.scrippsnews.com/us-news/housing/zillow-to-add-climate-risk-data-like-flood-and-wildfire-info-to-home-listings?utm_source=Scripps+News+Newsletter&utm_campaign=22fb006e60-EMAIL_CAMPAIGN_2024-10-14&utm_medium=email&utm_term=0_-a457d1c971-%5BLIST_EMAIL_ID%5D
Home shoppers browsing Zillow will now have access to climate risk data.
The real estate marketplace says it will soon begin offering comprehensive flood, wildfire, heat and air quality data on home listings in the U.S.
Zillow says the information will include risk scores, interactive maps and insurance requirements.
This comes as 80% of homebuyers are considering climate risks when buying a home, according to Zillow. In the wake of events like Hurricanes Helene and Milton, this information is especially relevant.
Natural disasters are becoming more frequent and extreme, according to the National Oceanic and Atmospheric Administration, with severe storms and flooding representing the most dramatic upticks in NOAA’s disaster count last year. Massive tornado outbreaks and wildfires also saw spikes.
The trend is also demonstrated in the housing market, with more new listings showing major climate risk compared to homes for sale five years ago, according to a Zillow analysis conducted in August.
“Climate risks are now a critical factor in home-buying decisions,” Skylar Olsen, chief economist at Zillow, said in a press release.
“Healthy markets are ones where buyers and sellers have access to all relevant data for their decisions. As concerns about flooding, extreme temperatures and wildfires grow — and what that might mean for future insurance costs — this tool also helps agents inform their clients in discussing climate risk, insurance and long-term affordability,” Olsen said.
Climate risk data will be displayed on the Zillow app for iOS and the Zillow website by the end of the year. The Zillow app for Android will show this information by early next year.
