Climate Risk and Real Estate: The Ticking Time Bond
<p>Real estate climate risk is getting some attention, notably in <a href="https://fortune.com/2023/10/31/four-insurers-leave-california-wildfire-risk-allstate-state-farm/" rel="noopener ugc nofollow" target="_blank">California</a> and <a href="https://grist.org/housing/florida-insurance-farmers-desantis-hurricane-ian-litigation/" rel="noopener ugc nofollow" target="_blank">Florida</a>, where insurance premiums are soaring and several major insurers are shuttering or no longer taking on new home insurance policies. But these are reactive measures, only dealing with threats <em>after</em> they’ve been realized. Overall, government regulators and the real estate industry are doing little proactive risk mitigation, dealing with climate threats <em>before</em> they’ve been realized. It’s time real estate decisions — where and what type of real estate is built, maintained, and invested in — and valuations start aligning with climate realities before it’s too late.</p>
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