Add ‘climate risks’ to your home buyer’s checklist

“These things create a change in value and change a risk for this massive asset that you buy as a consumer, and whether people proactively ask for it or not, we think it’s the responsibility to let them know.” Said Mr. Said Berkowitz.

The risk of climate-related damage is higher for certain sectors of the population. An Allstate disaster preparedness survey found that women are more likely than men to struggle to recover financially from a natural disaster. Minority families and low-income households are also more likely to live in areas at risk of climate-related damage, and decades of racist housing policies in the United States have created temperature inequality, pushing black homeowners back into the city. neighborhoods with higher temperatures and less shade.

With this in mind, Enterprise Community Partners, a national non-profit organization, created Portfolio project, a tool that offers a risk score for hazards such as earthquakes, floods and landslides. It’s free and available for any address in the country.

There are also more in-depth resources available for those willing to pay a fee. CoreLogic, a company that provides property data, as well as city and country-wide scores, offers detailed risk reports with data from mineralogical scientists, climatologists, engineers and statisticians . Their clients include FEMA, as well as insurance companies and mortgage managers, and reports start at $ 18.

“We offer risk scores that are at a composite level to give you a holistic view of the risk of your home being exposed to natural hazards,” said Tom Larsen, director of insurance and space solutions at CoreLogic. “The first step is to know your risk now. It’s granular. It’s at the house level, ”adding,“ It won’t hit all houses the same.

As awareness of climate-related risks increases, companies that turn those risks into easy-to-understand projections will only gain popularity, said Zach Aarons, co-founder of MetaProp, a private equity firm. -PropTech risk.

“You see on Twitter pictures of people in their kayaks in the middle of the street, or you see pictures of a sky over San Francisco that looks like the sky of Mars,” he said. “It’s a market that will continue to emerge.”

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About Mary Moser

Mary Moser

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