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Rogers met with HousingWire to discuss his new role and cover a variety of topics, including artificial intelligence (AI), climate risk and land development. The insurance commissioner there declared 13 resiliency prerequisites. Obviously, insurance premiums have skyrocketed. John Rogers: I’m very fortunate to be in the role.
Not surprisingly, the state also has the highest average cost for homeowners insurance , and that cost is rising. That’s a lot of opportunity for property damage, and one reason homeowners insurance in Florida has gotten out of control. And insurance has more to cover than ever in some Florida counties.
Increasing wildfire risk resulting from climate change is a growing problem for insurers and homebuyers in affected areas, particularly California, according to a new report from data provider CoreLogic. CoreLogic said insurers’ models should account for the current risk landscape, including climate change considerations.
In fact, if nothing is done, this USDA program — called Section 515 — is projected to lose up to 137,000 affordable-housing units between 2023 to 2033 nationwide due to mortgage maturities alone, according to USDA projections , “with a potential to lose approximately 333,000 units by the year 2050.”
It was staggering numbers like these that led the National Safety Council (NSC) to develop its “Work to Zero” program. The goal of this program is to support infrastructure, business decisions, and technologies to work to zero workplace deaths by 2050.
Being in a flood-prone area can seriously affect your insurance premiums and property value; it could also cause a great deal of aggravation and stress if you experience the wrath of Mother Nature. This is according to Eden Strategy Institute, who ranks cities worldwide based on smart development and technology usage.
Insurers are increasingly exposed to the climate crisis and are currently under-charging premiums by about 58% to at-risk property owners, the report states. or 4% of the population – live in high-flood-risk areas, but FEMA maps used by the insurance industry are often out of date, including 11% of them last updated in the 1970s and ‘80s.
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