First Street is a research group that studies how climate change affects communities down to the street level. This month, it released its annual report about how our insurance rates will rise much faster than our property values and Tampa Bay is among the top five locations where this will occur, they say. Zillow has started using First Street data on listings to inform buyers about the climate risks on each property.
Zillow explains:
With more than 80% of buyers now considering climate risks when purchasing a home(opens in a new window), this feature provides a clearer understanding of potential hazards, helping buyers to better assess long-term affordability and plan for the future. In assisting buyers to navigate the growing risk of climate change, Zillow is the only platform to feature tailored insurance recommendations alongside detailed historical insights, showing if or when a property has experienced past climate events, such as flooding or wildfires.
“Climate risks are now a critical factor in home-buying decisions,” said Skylar Olsen, chief economist at Zillow. “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.”
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