Last Updated on October 7, 2024 by The HD Post Staff
CALIFORNIA – Zillow announced September 26, that they are introducing climate risk data on for-sale property listings across the U.S.
Southern California home listings now have fire risk scores in addition to flood, wind, air and heat factors. The listing page has not lists the risk scores, but includes interactive maps and insurance requirements.
According to Zillow, more than 80% of buyers are now considering climate risks when purchasing a home.
“Climate risks are now a critical factor in home-buying decisions,” said Zillow chief economist Skylar Olsen. “Healthy markets are ones where buyers and sellers have access to all relevant data for their decisions.
Current Wrightwood home for sale has fire factor of “Severe”
The recent Bridge wildfire in both San Bernardino and Los Angeles counties burned over 50,000 acres and threatened multiple structures.
Wrightwood, a community that was issued an evacuation order, was significantly impacted by the fire – several homes were destroyed and power lines were damaged.
In light of increasing climate-related risks, Zillow says they partnered with First Street, the standard for climate risk financial modeling.
Currently on the site, a Wrightwood home for sale shows a fire factor score of 8 out of 10 and is listed as a “Severe.”
Additional information provided after clicking on the score says wildfire insurance is critical – a separate policy is likely required.
Photo credit: ZillowThe data also says there’s been 46 large wildfires within 20 miles of the home since 1984 and the property has a 0.3% of being in a wildfire over the next 30 years.
Wildfire insurance has tripled for one homeowner
Olsen says that as concerns about flooding, extreme temperatures and wildfires grow — and what that might mean for future insurance costs — this tool also helps agents inform their clients in discussing climate risk, insurance and long-term affordability.
The cost of wildfire insurance in California has increased for homes in high-risk areas as some homeowners have seen their premiums triple in recent years.
One Nevada County homeowner’s costs rose from $1,125 in 2000 to $12,000 in 2024.
Many people in these areas are now turning to the California FAIR Plan, a last-resort option, due to limited availability of traditional insurance.
While the FAIR Plan offers basic fire insurance, it usually costs more and might require extra coverage to fully protect a home.
