Where U.S. homes face the most severe and extreme climate risk

"Almost one in five U.S. homes - worth around $8 trillion - are at severe or extreme risk from hurricane wind damage, according to a Realtor.com analysis. The analysis also found that roughly 6.1% of homes (worth around $3.4 trillion) are at severe or extreme risk of flood damage and 5.6% ($3.2 trillion) from fire. Why it matters: Climate change is intensifying extreme weather - hiking home insurance premiums in especially storm-prone areas and driving some insurers to retreat."

"The big picture: Flood risks, in particular, are "largely underestimated," per the analysis, which looks at data from First Street. Homeowners may not realize their property faces significant flood risk - and may skip flood insurance - if it's outside a FEMA Special Flood Hazard Area, defined as having a 1% or greater chance of flooding each year. Unlike FEMA's maps, First Street's model accounts for heavy rain and future climate changes, identifying millions more properties facing risk."

"Zoom in: Fully 100% of homes in 14 major metros in Louisiana, South Carolina, Florida and Texas carry severe or extreme hurricane wind risk, per the report. Nationwide, that share is around 18.3%. The bottom line: "Understanding climate risk in the housing market is essential, as these challenges not only affect residential safety but also influence property values, insurance costs, and overall market stability," Realtor.com economist Jiayi Xu wrote in the report."

Almost one in five U.S. homes, about $8 trillion in value, face severe or extreme hurricane wind risk. About 6.1% of homes, around $3.4 trillion in value, face severe or extreme flood risk, and 5.6% (about $3.2 trillion) face severe or extreme fire risk. Climate change is intensifying extreme weather, driving higher home insurance premiums and insurer withdrawal in storm-prone areas. FEMA Special Flood Hazard Area maps omit heavy-rain and future-climate effects, leaving many homeowners unaware of elevated flood exposure and forgoing flood insurance. Fourteen major metros show 100% of homes at severe hurricane wind risk; nationwide the share is 18.3%.

Read at Axios