Sunburn — The morning read of what s hot in Florida politics — 4 27 21 floridapolitics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from floridapolitics.com Daily Mail and Mail on Sunday newspapers.
Flood risk’s impact on home values
Buyer beware: Single-family homes in floodplains – almost 4 million U.S. homes – are overvalued by nearly $44 billion collectively, or $11,526 per house on average, according to a new Stanford University-led study. Published in
Proceedings of the National Academies of Sciences, the study suggests that unaware buyers and inadequate disclosure laws drive up financial risks that could destabilize the real estate market. The threat is likely to grow as climate change drives more frequent extreme weather.
“The overvaluation we find is really concerning, especially given the increases in climate risk that are coming our way,” said study lead author Miyuki Hino, who was a PhD student in the Emmett Interdisciplinary Program in Environment and Resources in Stanford’s School of Earth, Energy & Environmental Sciences (Stanford Earth) at the time of the research and is now an assistant professor in the University of North Carolina at Chape
Apr 24, 2021 07:38 PM EDT
More wildfires. More hurricanes and intense blizzards. And even more earthquakes. Does more extreme weather mean you re paying more money for insurance?
We overview what has been happening recently with the increasing amount of natural disasters linked to climate change. Then we ll look at what insurance covers - such as interior water damage to your vehicle - and how much you should expect to pay for additional protection.
How Climate Change Increases Risk
Although people tend to use the phrases global warming and climate change interchangeably, they are different: Global warming refers to the long-term warming of the planet, and it is part of climate change, which refers to the broader range of changes that are happening to our planet.
The overvaluation we find is really concerning, especially given the increases in climate risk that are coming our way, said study lead author Miyuki Hino, who was a PhD student in the Emmett Interdisciplinary Program in Environment and Resources in Stanford s School of Earth, Energy & Environmental Sciences (Stanford Earth) at the time of the research and is now an assistant professor in the University of North Carolina at Chapel Hill s department of city and regional planning. Improving how we communicate about flooding is an important step in the right direction.
Water hazard
In some states, such as Florida, as many as one in six homes are in floodplains. As more people have built more homes in areas exposed to cyclones, sea-level rise and other inundation hazards, flooding damage costs have skyrocketed. Since 2000, overall flood damages have quadrupled in the U.S.
Insurance commissioner: If April showers bring May flowers, get flood insurance
By Oklahoma Insurance Commissioner Glen Mulready
As a resident of Tulsa for the past 25 years, it was devastating to watch our neighbors’ homes destroyed in May 2019. It was emotional because it was not just the building itself they lost, but also the contents. When my boys and I went out to help clean the waterlogged neighborhoods, we found pictures, keepsakes, kids’ drawings and letters from loved ones all things that can’t be replaced. We are back to April two years later and I want all Oklahomans to ask themselves if they have the necessary insurance coverage to mitigate its consequences.