Real Estate and Insurance
Real Estate and Insurance
For California, asfor most of the developed world, property values are the largesteconomic climate risk.The extent of this risk and the allocation of exposure depend on how much property is located in high-risk areas decades into the future. Insurance can play an important role in mitigating and allocating property risks, implicating both the financial-sector and state policies that affect developer and homeowner decisionmaking (e.g., public fire-insurance programs, floodplain-development restrictions).This chapter examines three of the main threats of climate change to property—wildfires, sea-level rise, and storms and flooding—and the risk they pose to real estate. We also consider the central role of public (state and federal) agencies in facilitating adjustment to climate risk that is both cost effective and more equitable.
Keywords: climatechange, California, real estate, damages, sea-level rise, wildfires
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