A recent report from the climate risk analysis nonprofit First Street highlights the alarming rise in insurance premiums due to climate disasters, particularly in Florida where costs could soar by 322%. While homeowners face escalating premiums, the report predicts a 29% drop in home values in these high-risk regions. It identifies approximately 21,000 'climate abandonment neighborhoods' where rising costs will likely deplete local populations. Conversely, areas with lower climate risks may see home values increase, highlighting a growing disparity between communities depending on climate resilience.
A new report indicates that homeowners in Florida could see an insurance cost increase of up to 322% due to climate disaster impacts.
According to the report, average home values in Florida may decline by around 29% by the 2050s due to rising climate risks.
The report points out 21,000 communities, termed 'climate abandonment neighborhoods,' will likely face declining populations and climbing insurance rates.
Jeremy Porter from First Street emphasizes that weaker economic areas feel stronger climate impacts, prompting residents to abandon them.
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