Hurricane Helene’s aftermath is leaving a financial disaster in its wake, with insured losses topping $6 billion and uninsured losses even higher.
The hardest hit are homeowners in North Carolina, where the majority of properties had no flood insurance. While federal flood zone maps may give homeowners a false sense of security, experts are now warning that the real danger extends far beyond those outdated designations, according to CNBC.
Thanks to new risk-assessment technology from First Street Foundation , the true scale of flood threats is becoming clearer. According to the firm, nearly 12% of homes in North Carolina are at risk of flooding — three times the amount designated by FEMA.
And now, those risk scores are available for anyone buying a home, as First Street has teamed up with real estate giant Zillow.
“Climate risks are now a critical factor in home buying decisions,” said Zillow’s chief economist, Skylar Olsen, in a statement. “We’re providing buyers and sellers with clear, property-specific climate data so they can make informed decisions.”
Zillow listings now show the potential risks of flood, fire, wind and heat for every home on the market, along with estimates for how these dangers might increase in the next 15 to 30 years. Homebuyers are paying close attention, with over 80% of people now considering these hazards when purchasing, according to Zillow.
Flooding, in particular, ranks as the top concern.
First Street’s new flood maps, which account for factors like increased rainfall from severe storms, are giving homeowners a clearer picture of what’s at stake.
“A lot of people think that they are safe from flood if they’re not in a FEMA flood zone, and that’s decidedly not true,” said Ed Kearns, chief science officer at First Street.
“Heavy rainfall can affect many, many people across the country, and there’s no indication from the FEMA flood zone designation that is a risk for you.”
The impact is already being felt in real estate markets.
A Zillow analysis found that more homes nationwide are listed with significant risk of flooding or fire than five years ago.
As risk scores become a critical tool for buyers, home values in the most affected areas are expected to take a hit. The rising cost of insurance is likely to play a major role in those price drops.
“I think that’s going to be the most direct impact of having scores on homes that quantify risk,” added Kearns, “is that there may be some direct impact on real estate values, but a lot of that is going to go through the amount of insurance necessary to cover that home.”
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should have never been allowed to build on barrier islands in the first place....they are nature's way of protecting the coastline...but once they started building on them that protection went away ..should all be natural seashores....
Ashley Robbins
13h ago
How can these people build again as they are in debt for their destroyed homes, businesses & cars…?
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