Homeowners Fear Climate Change Impact on Property Values and Insurance Costs

A recent survey by LendingTree has highlighted the growing concerns among homeowners about the impact of Climate change on their properties. With extreme weather events becoming more frequent, 51% of the 2,000 homeowners surveyed fear for their homes’ safety and their financial well-being. This worry is grounded in the reality that severe weather, from floods and hurricanes to heat waves, could lower property values and increase insurance costs.

Source: The Economist/YouTube

Significantly, 70% of homeowners anticipate a rise in home insurance expenses due to the severe weather and sea level changes caused by Climate change. Approximately half of the respondents are concerned about the negative effects on property values, with a quarter believing their home’s value could be impacted within the next decade. Already, 20% have seen their insurance costs climb because of these risks, underscoring the direct financial implications.

The survey revealed a hierarchy of concerns, with severe storms, hurricanes, flooding, heatwaves, and wildfires leading the list of climate-related fears. This anxiety is not unfounded; a 2023 report by the First Street Foundation noted that 3.2 million Americans have moved due to high flood risks between 2000 and 2020, a trend expected to continue, with an estimated 7.5 million Americans moving away from at-risk areas in the next 20 years.

Despite efforts by some cities to position themselves as safe havens, the reality is that no area in the United States is immune to the effects of Climate change. This has led to a considerable number of people—34% of those living in at-risk areas—considering relocation, with 13% already having moved.

In response to these challenges, LendingTree Home Insurance Expert Rob Bhatt recommends homeowners ensure they have sufficient insurance coverage and take proactive measures to mitigate weather-related damage. For those still concerned, relocating to a safer community might be the wisest course of action. As Climate change continues to shape our environment, adapting our living spaces and insurance policies becomes essential for safeguarding our homes and financial future.

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