"Homeowners, whether they know it or not, definitely are taking on more risks," says Philip Mulder, an assistant professor of risk and insurance at the University of Wisconsin's business school.
Mulder's 2023 paper indicates that U.S. residential properties are overvalued by $121 billion to $237 billion for current flood risks alone.
Jesse Gourevitch, an environmental economist, states: 'We're in a bubble, and whether it deflates slowly or pops suddenly will depend on policy choices that governments make now.'
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