Extreme weather events like California's wildfires and southern snowstorms are exacerbating the financial burden on homeowners, leading to increased insurance premiums. The recent historic snowstorm in the Gulf Coast may incur losses up to $17 billion, while California wildfires have already reached insured losses of $45 billion. By 2050, unchecked climate risks could impose an annual cost of $38 trillion globally, with real estate facing significant devaluation. In response, homeowners have seen insurance premiums rise by 33% from 2020 to 2023, as rising reinsurance costs are passed down.
Extreme weather events are reshaping the U.S. insurance and real estate markets, burdening homeowners with rising insurance costs due to climate risks.
Unchecked climate risks could cost up to $38 trillion annually by 2050, with global real estate potentially losing up to $559 billion in value.
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