A Redfin study showed that 58% of homeowners across the USA took measures to safeguard their properties from threats related to the climate change. A third of landlords invested $5,000 or more to protect against the climate-related risks. About a fourth spent under $4,999, while 42% decided not to do anything.
36% of homeowners insured their properties from flooding, a third, from tornadoes, 29%, from hurricanes and tropical storms, 24%, from forest fires, and 18%, from earthquakes. However, a significant share of homes located in US regions with high flooding risks is not insured enough against those.
In Florida, the share of landlords who invested in reinforcing their homes is 71%. 40% spent money to make their homes withstand a hurricane or another kind of storm, which is almost three times greater than the national average.
At the same time, Daryl Fairweather, Chief Economist at Redfin, notes that people are still moving to high-risk areas. Cape Coral, North Port, and Tampa, the three Florida metropolitan areas that suffered the most from Hurricane Ian, are consistently ranking high as attractive migration destinations.
Buyers should remember that the value of their property may reduce if the place where it is located becomes uninhabitable or if insurance firms refuse to deal with it.