Business & Investment

Natural disaster threats are a top priority for homebuyers

Natural disasters are becoming more and more common, and the threat posed by natural disasters is a serious concern for the majority of homebuyers.

In July Surveyed by Over 3,000 people have found that 78% of them consider the risk of natural disasters when looking for a new home to buy.

Forty-seven percent of those who answered “yes” said they were more concerned about natural disasters than they were five years ago.

Worry is natural. Over the past few years, natural disasters have left home in turmoil across the country. Last October, reported by In California, wildfires struck parts of the state, putting about $ 9.4 billion worth of residential real estate at risk.

It’s not just California. At the beginning of today Inman reported According to CoreLogic, a typical Wyoming home is nearly three times more likely to be burned by a wildfire than a typical California home. Other states at high risk of burning homes include Idaho, Utah, Nevada, and New Mexico.

The findings are slightly distorted as California has more homes than the other five states and is at increased risk of wildfire damage.

“The previously declining and flowing wildfire patterns are now a more ongoing threat to fire,” said a CoreLogic report. “Long-term dry conditions, which often result in record droughts, as seen in 2015, 2017, 2018 and 2020, have contributed to the increase in the number and intensity of fires in recent years. “

In addition to wildfires, respondents expressed concern about tornadoes, severe cold or winter storms, floods, hurricanes, earthquakes, droughts, and sinkholes.

“It’s really nice to see homeowners want to know more about the risks of their home. The risks are invisible,” said Tom Larsen, industry solution principal for real estate data firm CoreLogic. Quoted in the .com report. When you buy your home in a clean neighborhood, you may not be aware of the catastrophic danger. “Everything is at risk. No home is risk-free.”

Living in high-risk areas is not only a major concern, but also more expensive.

On October 1, the Federal Emergency Management Agency (FEMA) is raising flood insurance premiums for some homeowners.

Around Analysis by Quote Wizard, 77% of policyholders confirm price increases and only 23% confirm price reductions.

NS Inman reported Previously, the Mortgage Banking Association predicted that mortgage defaults would increase over the next few years as natural disaster damage is beyond the scope of insurance.

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Natural disaster threats are a top priority for homebuyers Natural disaster threats are a top priority for homebuyers

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