Property Tax and Home Insurance Rates Up as Global Temperatures Rise

Property Tax and Home Insurance Rates Up as Global Temperatures Rise

Climate Change Impacts on Property Taxes and Home Insurance

Impact on Property Taxes:

  • Reassessments: Natural disasters often lead to property reassessments, temporarily lowering the value of damaged properties and thus reducing property taxes. As stated in the Yahoo article, "natural disasters usually spur property reassessments, which temporarily lower the values of damaged properties while simultaneously reducing homeowners’ taxes."
  • Tax Rate Increases: Municipalities might raise property tax rates to offset revenue losses from damaged properties and to fund recovery efforts. The article notes, "In areas that were not affected, tax rates were increased to help offset the loss in revenue,” and, "In Los Angeles, wildfires similarly create more expensive places with taxes to meet increased funding needs."
  • Temporary Reductions & Refunds: Some areas provide temporary property tax reductions or refunds to homeowners who have experienced significant losses due to disasters. California, for instance, offers this relief if losses are at least $10,000 of the current market value of the property.
  • Restoration of Value: Once rebuilt, a property’s pre-damaged value is typically restored.
  • Variations in Laws: Property tax relief measures vary by location, with states like New York enacting specific climate change property tax relief bills. As the Yahoo article states, New York's "Climate Change Property Tax Relief bill... provides assessment relief to property owners within eligible municipalities."
  • Higher Rates in Disaster-Prone Areas: "Living in a disaster-prone area can affect your property taxes in several ways. They may be assessed at a higher rate because of the cost of municipal services that include emergency response, building, and maintaining flood control infrastructure." This highlights an ongoing cost for homeowners in these regions.Impact on Home Insurance:
  • Rising Premiums: Insurance premiums are rising, particularly in high-risk areas like flood zones and regions prone to hurricanes or wildfires. The Yahoo article quotes, "insurance premiums often rise ‘in areas with the highest risk of natural disasters such as hurricanes or wildfires."
  • Policy Non-Renewals: Insurance companies are increasingly dropping coverage for homeowners in disaster-prone areas. The Axios article notes that the share of home insurance policies not renewed in the US ticked up to 1.06% in 2023 from 0.8% in 2018. In Los Angeles County, the increase was more significant, from 0.86% to 1.43%.
  • Reduced Market Appeal: Properties in flood zones may see reduced market appeal unless they have mitigation measures in place and the cost of insurance rises as a result, impacting the entire real estate market.
  • Concerns about Uninsurability: There is growing concern that some areas could become uninsurable entirely. The Axios piece includes the quote from the outgoing Senate Budget Committee chair, Sen. Sheldon Whitehouse, stating that rising home non-renewals "spells trouble for property values in climate-exposed communities across the country."
  • Climate Risk as Tangible: As noted by Jeremy Porter, "Insurance prices are often the first way that 'climate risk becomes tangible to people'."
  • Insurers' Perspective: It is also noted that an insurer trade group argues non-renewal data is "unsuitable" for understanding climate change impacts, since it doesn't explain the reasoning for company decisions.

Episoder(208)

The Long Road to Recovery: How Hurricanes Helene and Milton Continue to Impact Tampa Bay Residents in December 2024

The Long Road to Recovery: How Hurricanes Helene and Milton Continue to Impact Tampa Bay Residents in December 2024

The Long Road to Recovery: How Hurricanes Helene and Milton Continue to Impact Tampa Bay ResidentsMeteorology Matters examines the ongoing challenges faced by residents in the Tampa Bay area in the wake of Hurricanes Helene and Milton. Even in December 2024 area residents are dealing with hurdles months after the hurricanes, we are focusing on the struggles residents are encountering with FEMA, housing instability, and supply shortages.Key Themes:FEMA's 50% Rule and Damage Assessment InconsistenciesHousing Instability for RentersSupply Shortages and Extended DelaysFinancial and Emotional Strain

24 Des 202416min

Christmas 2024 Travel Briefing: Weather Impacts and White Christmas Predictions

Christmas 2024 Travel Briefing: Weather Impacts and White Christmas Predictions

Christmas 2024 Travel Briefing: Weather Impacts and White Christmas PredictionsThis briefing summarizes key weather information for the Christmas 2024 holiday period, drawing from several weather forecasts and news articles.Main Themes:Unsettled weather leading up to Christmas: Many regions will experience rain, snow, and potentially disruptive weather in the days preceding Christmas.Warmer temperatures for many on Christmas Day: A warming trend is expected across much of the US, bringing above-average temperatures and reducing the likelihood of snow in many areas.Limited White Christmas potential: While higher elevations in the West and areas near the Canadian border have the best chances, widespread snow cover on Christmas morning is unlikely across the contiguous US.Travel disruptions possible: Travelers should anticipate potential delays due to weather, especially in the days leading up to Christmas.

23 Des 202411min

Miami and Tampa: High Risk to Climate Change, Rising Sea Level

Miami and Tampa: High Risk to Climate Change, Rising Sea Level

Meteorology Matters examines Miami and Tampa's vulnerability to hurricanes and climate change. Miami, despite its booming population and development, faces significant climate risks, including rising sea levels and increased flooding, yet many residents remain, prioritizing lifestyle over potential dangers. Tampa, similarly situated in a low-lying area, presents a high-risk scenario due to its rapid growth and the potential for catastrophic storm surge, with the upcoming Hurricane Milton posing an imminent threat. Both cities highlight the complex interplay between economic growth, environmental risks, and individual choices in the face of climate change. Experts express serious concern about the preparedness of both cities for extreme weather events.

17 Des 202422min

Walkable Cities Good for Earth While Americans Prefer Suburbia

Walkable Cities Good for Earth While Americans Prefer Suburbia

Meteorology Matters examines the environmental impact of suburban sprawl, contrasting it with denser, more walkable urban neighborhoods. We explore the trade-offs between walkability, affordability, and living space, highlighting public preference for sprawling suburbs despite their higher carbon footprint. We look at the effects of suburban development on natural habitats, noting both habitat loss and surprising animal adaptations. Finally we examine strategies to reduce the climate footprint of suburban areas, suggesting policy changes, technological upgrades in homes and transportation, and individual actions to mitigate emissions.

16 Des 202424min

Hurricane Helene: Impact Erwin Tennessee

Hurricane Helene: Impact Erwin Tennessee

Meteorology Matters looks at a Washington Post investigation into the deaths of six Impact Plastics employees during Hurricane Helene's flooding in Erwin, Tennessee. The investigation highlights the role of both the severe weather and allegedly inadequate employer responses in the fatalities, contrasting this with the successful rescue of hospital staff and patients. We also examine the deaths of workers at an Amazon warehouse and a Kentucky candle factory during a tornado. The lack of union representation contributed to the workers' inability to leave their workplaces before the disaster and emphasizes the importance of unions in ensuring worker safety and fair treatment. This boils down to the tragic consequences of prioritizing profit over worker safety in the face of extreme weather events.

3 Des 202411min

Lake Effect: 6 Feet of Snow Forecast for Watertown, NY

Lake Effect: 6 Feet of Snow Forecast for Watertown, NY

Meteorology Matters reports on a major Thanksgiving Weekend lake-effect snowstorm impacting upstate New York and parts of the Great Lakes region. Significant snowfall accumulations of up to five or six feet are predicted, especially near Watertown, NY, and along the shores of Lakes Erie and Ontario. Hazardous travel conditions and widespread disruptions are anticipated, prompting warnings and travel restrictions. State and local authorities are mobilizing resources, including the National Guard and transportation crews, to respond to the storm's impact. The storm is expected to last through early Monday.

29 Nov 202411min

Gust vs Sustained Wind: Application to Building Standards

Gust vs Sustained Wind: Application to Building Standards

Meteorology Matters presents an analytical framework for standardizing tropical cyclone wind characteristics (mean wind speed, turbulence intensity, integral scale, gust factor, and peak factor) from various measurement conditions to a common reference. This framework uses equilibrium boundary-layer theory and is applied to data from seven tropical cyclones (four typhoons, three hurricanes), comparing results to existing standards (ASCE 7-10 and AIJ-RLB-2004). We continue to. examine gust factor variations based on coastal tower measurements during three landfalling typhoons. We explore the relationships between gust factor and turbulence intensity, height, wind speed, and direction, finding that gust factors are smaller than those in national codes and influenced significantly by shoreline confinement on sea wave development.

29 Nov 202410min

Thanksgiving Week Weather

Thanksgiving Week Weather

Meteorology Matters discusses Thanksgiving week weather forecasts across the U.S., predicting potential travel disruptions. CBS News reports on severe storms impacting the Pacific Northwest and California, with ensuing power outages and fatalities, while also forecasting rain and snow in the East impacting Thanksgiving travel. Weather.com provides a more detailed, day-by-day forecast, highlighting potential travel issues due to snow in mountainous regions and lake-effect snow in the Great Lakes area, along with rain and thunderstorms in other parts of the country. The overall message is one of caution and preparedness for holiday travel.

28 Nov 202413min

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