"Climate risks are now a critical factor in home buying decisions," said Skylar Olsen, chief economist at Zillow, in a release. "We're providing buyers and sellers with clear, property-specific climate data so they can make informed decisions. As concerns about flooding, extreme temperatures, and wildfires grow, this tool also helps agents inform their clients in discussing climate risk, insurance, and long-term affordability."
Just 4% of North Carolina homes are in a FEMA flood zone. But climate risk firm First Street, which incorporates the effects of climate change into its property risk scores, shows nearly 12% of homes in the state at flood risk.
Most homeowners in North Carolina do not have flood insurance, because they are not in flood zones designated by the Federal Emergency Management Agency. Government-backed mortgages require flood insurance in those designated areas.
Insured losses for Hurricane Helene are now estimated at over $6 billion, but the uninsured losses are far higher. That's because the vast majority of homes impacted by the storm, especially in hard-hit North Carolina, did not have flood insurance.
Each for-sale listing on Zillow now displays First Street risk scores for flood, fire, wind, air and heat. They also show those same risk percentages estimated 15 years and 30 years into the future — the standard lengths for fixed-rate mortgages.
On properties with some risk now, it often shows that risk rise over time, as First Street incorporates the effects of climate change. This is especially true for the flood risk, because climate change is already intensifying the severity of rainfall, even in minor storms.
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