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What A Day

How Hurricanes Blow Home Prices Through the Roof

What A Day

What A Day

News, Daily News

4.612.6K Ratings

🗓️ 19 October 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

Buying a home is already so expensive in America, but climate change is poised to make it much worse—even if you don’t live in the path of a hurricane. This week on How We Got Here, Max and Erin take a look at Florida to understand the thorny problem of insuring a home in a warming world. They break down how the insurance system is trying to account for ever-increasing risk, and explain why people keep moving to the places that are hardest hit by climate change.

Transcript

Click on a timestamp to play from that location

0:00.0

Aaron I was away on a trip this weekend and while I was there you know I opened up Zillo.

0:04.2

Oh it's not a real vacation until you've opened up Zillo.

0:07.2

Right, well I saw something interesting when I popped it open.

0:10.0

A climate risk score.

0:11.6

Turns out that cute beachside bungalow I had my eye on

0:14.8

is a 9 out of 10 for flood risk,

0:17.1

i.e. being underwater by 2050.

0:19.6

Ooh, from dream home to Goldfish Castle.

0:23.0

But why on Earth would Zilla, which you and I both know is a fun app where you play a game called

0:28.0

Could I afford to live here?

0:30.0

Why would Zilla want to bum its users out with climate change information?

0:33.6

Don't they want to sell houses?

0:34.9

Many potential buyers want to know what is the area's climate risks before purchasing a home.

0:41.0

It really takes all of our climate hazard data, which is developed at a property specific

0:45.2

level for floods, wildfires, hurricane winds, drought, heat, and even air quality from wildfire smoke. That was a Fox affiliate report because for homeowners even after saving for a down payment,

0:57.5

applying for a mortgage, winning a bidding war, redecorating the whole damn thing and living there for many years climate change now means

1:05.0

their houses could literally be priced out from under them. Well it sucks for

1:09.3

more than just the future owners of that beach house it sucks for everyone because Max we are all

1:14.4

connected in the great circle of life? No something even more important the pool of

1:19.2

high-risk homeowners insurance. I'm Max Fisher.

1:24.6

I'm Aaron Ryan and this is how we got here a series where we explore a big question behind

1:28.6

the week's headlines and tell a story that answers that question.

...

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