As climate risks increase, homeowners are facing more challenges in securing home insurance, with over 11 million households in the U.S. currently uninsured. Pete Walther, president and CEO of Marsh McLennan Agency Private Client Services, shared his thoughts with Realtor.com, highlighting the growing difficulty clients encounter in obtaining or renewing coverage, particularly in areas prone to natural disasters like wildfires and hurricanes.
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via Realtor.com "When Home Insurance Dries Up: The Surprising Way Climate Risk Is Forcing Homeowners To Rethink Where They Live" article
Walther noted that this trend is reshaping real estate values and buyer behavior, especially in luxury markets, as potential "climate abandonment areas" could see property values decline significantly by 2055. To combat these challenges, he advocates for proactive measures to strengthen homes against climate risks, emphasizing the importance of both community resilience and individual preparedness.
“We believe that real change will only occur with a shift in mindset toward resiliency,” says Walther. “This involves not just individual homeowners but also communities at large recognizing the importance of preparing for and adapting to climate risks.”
For more insights from Pete Walther on navigating the changing insurance landscape, read the full article on Realtor.com.
