DIRS.INFO The most relevant business & tech news

☆ Homebuyers are flocking to areas most exposed to extreme weather risk and pushing prices higher, JPMorgan says
▼ + stars: | 2024-02-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

But the firm says rising insurance costs could eventually dampen demand. The researchers then gave each county a composite climate risk score, measured against each area's house price index. AdvertisementA positive relationship also emerged between higher climate risk and population growth, indicating that more people were migrating in than leaving these areas. Others may simply have no intent on selling, and consider themselves too old to experience these rising costs. But changes to property insurance may force prospective buyers to give more attention to climate risks, JPMorgan noted.

Persons: Alexander Wise, Jan Loeys, Risks, Redfin Organizations: JPMorgan, Service, Foundation Locations: Florida

☆ People are moving out of cities with poor air quality — but many end up facing other climate risks
▼ + stars: | 2024-02-16 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Much of the Sunbelt "has [a] low air-quality risk but it has high heat risk, high flood risk, high wind risk from things like hurricanes," she said. When looking at moving trends within counties and cities from 2000 to 2020 paired with flood risks, researchers at First Street Foundation noticed clear signals of people moving away from areas exposed to flooding. Additionally, more than 3.2 million (35.5%) of those residents said they left specifically because of the flood risk. 'I personally was impacted by air quality'Over 85% of homes in 13 major cities are highly exposed to poor air quality; nine are in California and the rest are spread out in Washington, Oregon and Idaho, Redfin found. "I personally was impacted by air quality," Fairweather said.

Persons: Eduardo Munoz Alvarez, Fairweather, We're, Jeremy Porter, Porter, Redfin Organizations: Getty, First Street Foundation, CNBC, riskier metros Locations: West Coast, Sunbelt, Arizona , Florida , Nevada , North Carolina, South Carolina , Texas, Tennessee, New York, U.S, California, Washington , Oregon, Idaho, Seattle, Wisconsin, riskier

☆ 18 million rental units are at risk as climate disasters get more common, Harvard study says
▼ + stars: | 2024-02-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

More than 18 million occupied rental units are exposed to climate-related risks, Harvard's Joint Center for Housing Studies said in a new study. This could strain rental stock supply, boost prices, and cause a jump in evictions. Specifically, about 18.2 million units are at risk of substantial loss damage, whether from hurricanes, wildfires, floods, earthquakes and similar hazards. "Notably, newer rental units are much more likely to be vulnerable to weather- and climate-related hazards. US rental supply is now at its oldest level ever, with millions of rental units deficient in some form.

Persons: It's, DeltaTerra's Dave Burt Organizations: for Housing Studies, Service, Harvard's, NOAA National Centers for Environmental, Street Foundation

☆ Over 18 million rental units are exposed to climate hazards as extreme weather becomes more common, Harvard study finds
▼ + stars: | 2024-02-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

D3sign | Stone | Getty ImagesExtreme weather and climate hazards are becoming more frequent, posing a unique threat not only for homeowners, but for renters. Over 18 million rental units across the U.S. are exposed to climate and weather-related hazards, according to the latest American Rental Housing Report from Harvard University's Joint Center for Housing Studies. While they're a smaller share of the rental stock, 52% of manufactured units are located in areas with extreme weather exposure. "It's sort of a compounding risk when we see these increases in climate hazards and start impacting people who can't afford to move away from the risk." Check what type of disasters are included in your renters insurance policy.

Persons: Sophia Wedeen, Jeremy Porter, Wedeen, Porter Organizations: Harvard University's, for Housing Studies, Harvard, FEMA, Survey, Joint Center for Housing Studies, Finance, NOAA National Centers for Environmental, First Street Foundation Locations: U.S, New York

They propose a sixth category for storms with winds that exceed 192 miles per hour (309 kilometers per hour). Currently, storms with winds of 157 mph (252 kilometers per hour) or higher are Category 5. From time to time, experts have proposed a Category 6, especially since Typhoon Haiyan reached 195 mph wind speeds (315 kilometers per hour) over the open Pacific. Wehner said that as temperatures rise, the number of days with conditions ripe for potential Category 6 storms in the Gulf of Mexico will grow. “Perhaps I'll change my tune when a rapidly intensifying storm in the Gulf achieves a Category 6,” Corbosiero said in an email.

Persons: Michael Wehner, Brian McNoldy, Haiyan, Patricia, ”, Jim Kossin, Kossin, Wehner, Kerry Emanuel, Jamie Rhome, Simpson, McNoldy, Craig Fugate, Kristen Corbosiero, ” Corbosiero, ___ Read, Seth Borenstein Organizations: National Academy of Sciences, Associated Press, Lawrence Berkley National, University of Miami, dateline, NOAA, First Street Foundation . Pacific, MIT, National Hurricane Center, Emergency Management, University of Albany Locations: Philippines, Gulf of Mexico, United States, Australia, Jalisco, Mexico, Taiwan, China, Asia, Russia, of Mexico, Caribbean, Gulf, AP.org

☆ Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit
▼ + stars: | 2024-02-05 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +3 min

What happens when a homeowner can't get insuranceDarlene Tucker and Tom PinterWithout insurance, many homeowners can find themselves in big financial trouble. Darlene Tucker, 66, and Tom Pinter, 68, are longtime homeowners in Sonora, California. Darlene Tucker and Tom Pinter's home in Sonora, California. Dogs play at Darlene Tucker and Tom Pinter's home in Sonora, California. Darlene Tucker and Tom Pinter

Persons: Darlene Tucker, Tom Pinter, Tucker, Pinter, Tom Pinter's, — that's, Porter, That's, Kevelighan Organizations: Allstate, CNBC, Insurance, homebuyers Experts, Insurance Information Institute Locations: Sonora , California, California

‘A Beautiful Place That Has a Dragon’: Where Hurricane Risk Meets Booming GrowthThe hurricanes keep coming, and the people, too: The fastest-growing places along the Atlantic coast this century are also among the most hurricane-prone. And rising sea levels make storm surges more damaging and coastal flooding more frequent. And this booming coastal population is, by many accounts, a larger contributor to rising hurricane risks than climate change. When Gail Hart moved from Arizona to retire in Wilmington, N.C., in 2017, she hadn’t considered the hurricane risk. Still said, “where do you put 100,000 people?”The housing crunch is one of many tensions playing out between wealthy coastal communities and those who live nearby.

Persons: Matthew, Dorian, Isaias, Ian, “, ”, Kathie Dello, Gail Hart, hadn’t, ” Gail Hart, Del Webb, Hurricane Florence, Hart, “ There’s, Steven Still, Amanda Martin, North, Mr, Still, Jenny Brennan, David McIntire, McIntire, O’Leary, Ms, Water, O’Leary’s, Kevin Mishoe, Mishoe, Gina, Karen Willis Amspacher, Amspacher, “ It’s, It’s, she’s, Sharon Valentine, Hurricane Fran, Wilmington’s Del, Valentine, Leonard Bull Organizations: Hurricanes, Hurricane, First Street Foundation, Atlantic, National Flood Insurance, Southern Environmental Law Center, States, Brunswick, Myrtle, Association, Hurricane Florence, Down Locations: United States, Myrtle Beach, S.C, Wilmington, N.C, Carolinas, Florence, Carolina, Gulf, Louisiana, Florida, North Carolina’s, Kure Beach, Horry County, Brunswick County, Arizona, Tula, New Hanover County, U.S, It’s, North Carolina, Conway, Horry, Hurricane, Hurricane Florence, Bucksport, Carteret County, —, Banks, Stacy, Harkers, Fayetteville, Wilmington’s, Wilmington’s Del Webb

☆ America's cities are vying for a hot new title: best place to ride out the coming dystopia
▼ + stars: | 2023-11-02 | by ( Matthew E. Kahn | ) www.businessinsider.com time to read: +14 min

For decades, cities have duked it out for titles like "best city for business" or "healthiest city in America," but now they're starting to compete for a new title: best place to ride out dystopia. While Sun Belt cities are working to mitigate these challenges, the increased risks also create an opportunity for once forgotten cities. The declaration has been followed up with investments in key areas — climate resilience was one of the four pillars that made up the city's four-year strategic plan released at the start of 2023. And the cities that could become climate havens have their weather downsides — Buffalo will still have some harsh winters, too. If Buffalo, Detroit, Pittsburgh, and other cities succeed in their climate-resilience agendas, they will grow, attracting residents from more at-risk areas of the country.

Persons: Tesla, Byron Brown, Redfin, Matthew E, Kahn Organizations: Los Angeles, Fortune, Sun, National Oceanic, Atmospheric Administration, Association of Environmental, Federal Emergency Management Agency, FBI, Street Foundation, Pittsburgh, The New York Times, University of Southern, Hoover Institution Locations: America, West, Midwest, Dallas, Houston, Atlanta, Buffalo , New York, Detroit, USA, Florida, California, South, Baltimore, Cincinnati, Phoenix, Angeles County, Miami, Dade County, Lake Erie, Buffalo, Duluth , Minnesota, Grand Rapids , Michigan, Chicago, Northern, Pittsburgh, Rust, Los Angeles, University of Southern California

☆ Millennials looking to buy a home are worrying about climate risk. They're not wrong.
▼ + stars: | 2023-09-25 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Over 80% of prospective homebuyers said climate risk impacted their search, Zillow found. Over 80% of prospective homebuyers said climate risk impacted their search, Zillow found. AdvertisementAdvertisementWhile millennials logged higher concern over climate issues than their Gen Z counterparts, it turns out millennials' budget is often putting them in the path of climate risk. Zillow found 36% of millennial buyers were considering moving to an area with "greater climate risk'" compared with 19% of Gen Zers. The climate crisis puts coastal cities in Florida at a higher risk of flooding.

Persons: Zillow, Millennials, millennials, Zers, Manny Garcia, Zillow's, Garcia, Bob Stephens, Stephens, Jeffrey Greenberg, Jeremy Porter, Todd Bevington Organizations: Service, Carolinas, Insurance, First Street Foundation, AP Locations: Texas , Florida, Florida, California, Louisiana, Lahaina, Vermont, Maine, New York, Asheville , North Carolina

☆ Home values could collapse as rising climate dangers wreak havoc on insurance markets, study says
▼ + stars: | 2023-09-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

US home values could collapse as climate change boosts insurance costs, a study from First Street Foundation said. First Street estimated that 39 million homes are still insured at prices that don't match the climate risks they face. Either way, insurance costs are rising, and First Street estimated the impact they will have on a home's value by way of its income potential. For example, a home in California currently valued at $296,000 would see a 39% drop after repricing for estimated insurance risk. Still, despite the climate risks, the housing affordability crisis has boosted migration to areas vulnerable to floods, wildfires, and extreme heat.

Organizations: First Street Foundation, First, Service, Foundation Locations: Wall, Silicon, California, West Palm Beach , Florida, Louisiana, Plaquemines Parish

SACRAMENTO, Calif. (AP) — A new plan from California's insurance commissioner aims to stop the nation's top insurers from leaving the wildfire-prone state by letting them consider climate risks when setting their prices. Unlike most states, California tightly restricts how insurance companies can price policies. Companies aren't allowed to factor in current or future risks when deciding how much to charge for an insurance policy. It’s one reason why, in the past year, seven of California’s top insurance companies have paused or restricted new business in the state. On Thursday, California Insurance Commissioner Ricardo Lara said the state will write new rules to let insurers look to the future when setting their rates.

Persons: aren't, Ricardo Lara, ” Lara, Denni Ritter, Amy Bach, United, “, Ken Sweet Organizations: First Street Foundation, California, American, Casualty Insurance Association, Consumer Watchdog, Associated Press Locations: SACRAMENTO, Calif, California, Florida, New York

The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.

Persons: you’re, ”, California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, ‘, ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, “, Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco

CNN —Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters, new data shows. It’s another alarming sign for the future of America’s homeowners’ insurance market. “We’re still kind of at the forefront of the insurance industry pricing in climate risk into the real estate market,” Porter told CNN. Premiums are at risk of surging to a lesser extent in cities across the country, First Street data shows. “I know where the places are where people are dropping their insurance — it’s Florida, Louisiana, California and Colorado,” Bach told CNN.

Persons: ”, David Jones, Jeremy Porter, “, ” Porter, Hurricane Ian, Matias J, Jones, ” Jones, Amy Bach, Bach, ” Bach, Kyle Grillot, Reuters Jones, Porter, ‘ I’m, it’s Organizations: CNN, Foundation, UC Berkeley’s Center for Law, Energy, Hurricane, Miami Herald, Tribune, Service, Los, National Flood Insurance, FEMA, United, Residents, Reuters Locations: California , Florida, Louisiana, California, Matlacha , Florida, Florida, Texas, Vermont, Montpelier . Kentucky, West Virginia, Miami, Jacksonville, New Orleans, East Coast, Atlantic City , New Jersey, Virginia Beach, Norfolk , Virginia, Wilmington , North Carolina, Charleston , South Carolina, Savannah , Georgia, New York City, Phoenix, Chicago , Pittsburgh, Louisville, Cincinnati, West Coast, Riverside , California, Los Angeles, Gulf Coast, Plaquemines Parish , Louisiana, Collier County , Florida, Colorado, Wrightwood , California

☆ Recent Category 5 hurricanes add to a growing trend powered by warmer oceans
▼ + stars: | 2023-09-08 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +4 min

“It is very likely that there are more Category 5 storms now than there were 40 years ago,” Kossin told CNN. Rapid intensification has been happening more and more as storms are approaching landfall, making them harder to prepare for. Hurricane Idalia rapidly intensified by 55 mph in 24 hours before landfall along Florida’s Big Bend as a Category 4 hurricane late last month. “There is little doubt that the exceptionally warm ocean waters we’re seeing have a human fingerprint on them,” Kossin said. “Jova is sitting in the middle of this, and the warm water certainly fueled the rapid intensification,” he added.

Persons: Hurricane Lee, Lee, Kevin Reed, Jim Kossin, ” Kossin, Reed, It’s, ” Reed, Hurricane Idalia, John Kaplan, Jova Organizations: CNN, Hurricane, North Atlantic, Stony Brook, University of Wisconsin, Street Foundation, National Oceanic, Atmospheric Administration Locations: North, Stony, Madison, Brooklyn, North Pacific

CEDAR KEY, Fla. — As cleanup begins in the aftermath of Hurricane Idalia, the storm has served as a stark reminder that Florida's insurance industry remains in flux. But many of those homeowners face uncertainty amid the upheaval that has emerged in Florida's insurance industry in recent years. A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket. The state's insurance industry is preparing to lose four insurers since last year — Farmers Insurance, Bankers Insurance, Centauri Insurance and Lexington Insurance. Aggravating the problem, 82% of Floridians do not have flood insurance, which is typically operated by the National Flood Insurance Program, a federal program run by the Federal Emergency Management Agency.

Persons: Idalia, Chris Draghi, That's, Gregory Buck, Buck, Aimee Firestine, Firestine, Amy Bach, United, Bach, Mark Friedlander, Friedlander, Gabe Gutierrez, Phil McCausland, Melissa Chan Organizations: Insurance Information Institute, U.S, — Farmers Insurance, Bankers Insurance, Centauri Insurance, Lexington Insurance . Farmers Insurance, National, Experts Insurance, Homeowners, Insurance, Property Insurance Corp, National Flood Insurance, Federal Emergency Management Agency, Congress, First Street Foundation, FEMA, Cedar Key Locations: Fla, Florida's Big Bend, Florida, Georgia, Florida , Georgia, South Carolina, Cedar, America, Taylor County, Bend, New York City

☆ These are the 10 American states that are the most prepared for extreme weather
▼ + stars: | 2023-07-28 | by ( Scott Cohn | ) www.cnbc.com time to read: +9 min

But NOAA puts the Ohio Valley at the low end of its Climate Extremes Index, which considers temperatures, precipitation, drought and hurricanes. 2023 Infrastructure score: 205 out of 390 points (Top States grade: C+) Climate Extremes Index: 8.7% Properties at risk: 2.1% Renewable energy: 12.3%8. 2023 Infrastructure score: 231 out of 390 points (Top States grade: B) Climate Extremes Index: 23.68% Properties at risk: 4.2% Renewable energy: 42.5%5. 2023 Infrastructure score: 254 out of 390 points (Top States grade: A-) Climate Extremes Index: 8.7% Properties at risk: 2.7% Renewable energy: 34.6%2. 2023 Infrastructure score: 193 out of 390 points (Top States grade: C) Climate Extremes Index: 19.78% Properties at risk: 9% Renewable energy: 84%1.

Persons: Jeremy Porter, they're, Porter, John Boyd , Jr, Seth Herald, Joe Biden, Adam J, Brian Snyder, Jim Mracek, Andrew Lichtenstein, Helen H, Richardson, Marshall, Jewel Samad, James McGath, Cole Ruud, Nicole Neri, Scott Olson, Biden, Daniel Acker Organizations: Street Foundation, The Boyd Company, Micron, CNBC, First, Atmospheric Administration, U.S . Department of Energy, Tennessee, NOAA, Seth, AFP, Getty, Volunteer State, Michigan, Dewey, Anadolu Agency, Great, Great Lakes State, FEMA, Green, Nebraska, Corbis, Cornhusker, Colorado Firefighters, National Center for Atmospheric Research, Denver Post, Centennial, Kansas, Oklahoma Electric, Sooner State, Energy Department, Washington Post, North Star State, Mount, Iowa, Bloomberg Locations: New York, States, Memphis , Tennessee, Tennessee, Ohio, Royal Oak, MI, Metro Detroit, Royal Oak , Michigan, United States, Great Lakes, Michigan, Vermont, Montpelier , Vermont, Nebraska, Cass County, Boulder , Colorado, Colorado, Dodge City , Kansas, Kansas, Moore , Oklahoma, Sooner, Oklahoma, Minnesota, Stillwater, Stillwater , Minnesota, St, Croix, Dakota, Salem , South Dakota, Mount Rushmore, South Dakota, Gowrie , Iowa, U.S

☆ These are the states in America that are the least prepared for extreme weather
▼ + stars: | 2023-07-28 | by ( Scott Cohn | ) www.cnbc.com time to read: +11 min

Some states are in good shape to handle whatever the climate throws at them, but these are the states most at risk. 2023 Infrastructure score: 228 out of 390 points (Top States grade: B) Climate Extremes Index: 21.16% Properties at risk: 45.2% Renewable energy: 10.6%9. 2023 Infrastructure score: 165 out of 390 points (Top States grade: D) Climate Extremes Index: 8.7% Properties at risk: 2.8% Renewable energy: 12%8. Connecticut is home to the nation's first "green bank," which uses public dollars to leverage private investment in renewable energy. 2023 Infrastructure score: 227 out of 390 points (Top States grade: B) Climate Extremes Index: 21.16% Properties at risk: 61% Renewable energy: 12.5%1.

Persons: Jeremy Porter, York Snow, Joed Viera, Kelly Giddens, Daniel Hinton, Jessica Mcgowan, wades, Tim Boyle, Tony Evers, Scott Olson, Josh Edelson, Gavin Newsom, —, Marcellus, Tom Wolf, Josh Shapiro, Ida, Brendan McDermid, Hurricane Ida, Richard Bunting, Alex Hamilton, Hurricane Irene, Mark Wilson, Joe Biden's, Ted Shaffrey, Hurricane Nicole, Paul Hennessy, Marco Bello Organizations: Street Foundation, CNBC, Business, First, Oceanic, Atmospheric Administration, NOAA, U.S, Department of Energy, Afp, Getty, National Weather Service, Micron Technology, Alabama, University of Alabama, Illinois —, Badger State, Gov, Carolina, Carolinas, AFP, EQT Corp, Bloomberg, Reuters, Garden, State, Anadolu Agency, Sunshine State, Farmers Insurance, AAA Locations: States, York, Buffalo , New York, Empire, New York, Syracuse, Alabama TUSCALOOSA, AL, Cedar, Tuscaloosa , Alabama, Texas, Oklahoma, Alabama, Gulf, Wisconsin, Prairie du Chien , WI, Hurricane, Charleston , South Carolina, Florida, Georgetown , South Carolina, South Carolina, California, Oroville, Oroville , California, , California, Pennsylvania, Washington Township , Pennsylvania, U.S, Jersey, Oakwood, Elizabeth , New Jersey, Garden State , New Jersey, New Jersey, Delaware, Lewes , Delaware, Rhode, Connecticut, New Haven , Connecticut, Wilbur, , Florida, Louisiana, Kenner , Louisiana

☆ They planned to get married outside their beloved home. And then the floods came
▼ + stars: | 2023-07-22 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +8 min

CNN —Spenser Peterson and his fiancée, Mallory Walling, loved their little blue home near Vermont’s Winooski River. “But the foreground in front of those, is just this disgusting water,” Peterson recalled. Mallory Walling and Spenser Peterson at their home in Waterbury, Vermont. “You could see big trees and things were being washed down from people’s homes were going down the river,” Peterson said. “Everything – yard, driveway, in the house and the garage – was all just covered in nasty river, river sludge and whatever else came down river,” he said.

Persons: CNN — Spenser Peterson, Mallory Walling, ” Peterson, “, Danny, It’s, we’re, ”, Spenser Peterson, Hurricane Irene, Peterson, Walling’s, Irene, Irene the, hasn’t, “ It’s, they’ve, it’s, “ I’ve Organizations: CNN, First Street Foundation, National Oceanic, Atmospheric Administration, Sunday Locations: Vermont’s, Waterbury, Vermont, Waterbury , Vermont, Coast, ”

☆ There are almost no national safety rules protecting US workers exposed to high heat
▼ + stars: | 2023-07-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

The National Weather Service recorded a high temperature of 97 degrees at the Dallas Love Field airport that day. The human body’s primary way to deal with high heat is through sweating, which cools the body when it evaporates. But despite these risks, getting a clear set of rules to protect workers from high heat has proved difficult. OSHA heat safety rulesEven without a specific heat standard, OSHA can fine employers that let heat get unsafe for workers under a “general duty” rule requiring safe work places. “That’s why a heat standard would be much more useful.”OSHA said protecting workers from heat is a major priority.

Persons: ”, Jordan Barab, “, ” Eugene Gates , Jr, Carla Gates, I’m, Kimetra Lewis, Gates, Larry Kenney, Kenney, Barab, Doug Parker, Marc Freedman, Biden, ” –, Angela Fritz Organizations: New, New York CNN, Occupational Safety, Health Administration, Biden, US Chamber of Commerce, AFL, “, Labor Statistics, Lakewood Post, National Weather Service, Dallas Love, US Postal Service, CNN, National Association of, Carriers, Penn State, First Street Foundation, OSHA, Commerce Locations: New York, California, Florida, Lakewood, Dallas, Gates, United States

☆ Climate-change safe havens can still get hit hard. Vermont's flooding is a reminder.
▼ + stars: | 2023-07-13 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

As the water recedes, officials said the storm shows an ongoing need to adapt to the climate crisis. It was the highest level in nearly a century, when the river reached 27 feet during the Great Vermont Flood of 1927, according to local officials . Vermont Agency of Agriculture, Food and Markets via APEven as water levels recede, more rain is expected on Thursday and Friday. Some residents said the flooding was worse than Tropical Storm Irene in 2011, which at the time seemed like an anomaly in the state. About 18% of properties in Vermont are at significant risk of flooding over the next 30 years, predicts First Street Foundation .

Persons: Justin Michaels, Phil Scott, Irene Organizations: Service, Vermont Agency of Agriculture, Food, AP, Federal Emergency Management Agency, Foundation, FEMA Locations: Vermont, Wall, Silicon, Montpelier, Waterbury, Ludlow, Montpelier , Vermont

☆ Intensifying Rains Pose Hidden Flood Risks Across the U.S.
▼ + stars: | 2023-06-26 | by ( Raymond Zhong | ) www.nytimes.com time to read: +1 min

As climate change intensifies severe rainstorms, the infrastructure protecting millions of Americans from flooding faces growing risk of failures, according to new calculations of expected precipitation in every county and locality across the contiguous United States. The calculations suggest that one in nine residents of the lower 48 states, largely in populous regions including the Mid-Atlantic and the Texas Gulf Coast, is at significant risk of downpours that deliver at least 50 percent more rain per hour than local pipes, channels and culverts might be designed to drain. “The data is startling, and it should be a wake-up call,” said Chad Berginnis, the executive director of the Association of State Floodplain Managers, a nonprofit organization focused on flood risk. The new rain estimates, issued on Monday by the First Street Foundation, a nonprofit research group in New York, carry worrying implications for homeowners, too: They indicate that 12.6 million properties nationwide face significant flood risks despite not being required by the federal government to buy flood insurance.

Persons: ”, Chad Berginnis Organizations: Texas Gulf, Association of, First Street Foundation Locations: United States, New York

☆ Billions in federal infrastructure spending could be wasted due to outdated government rainfall models
▼ + stars: | 2023-06-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +5 min

The government's precipitation expectation model from the National Oceanic and Atmospheric Administration, or NOAA, is called Atlas 14. "It leverages the best available historical precipitation data that was available the time that the study was performed." It is not the only state using Atlas 14 to inform its infrastructure projects. "I can't speak to how some of those engineering decisions are made," Salas said when asked if Atlas 14 should still be used. There are multiple climate risk modeling firms with vast precipitation forecasting data, but most charge for it, and states already have the Atlas 14 data.

Persons: it's, Matthew Eby, Fernando Salas, Salas, Eby, Stephen Schapiro, " Salas Organizations: Biden administration's Infrastructure Investment, Jobs, First Street Foundation, National Oceanic, Atmospheric Administration, NOAA, Geo - Intelligence Division, National Weather Service, ., Infrastructure, state's Department of Transportation, New, New Jersey Department of Transportation, NJ Department of Environmental Locations: United States, Upper Midwest, New Jersey

☆ What is a red flag warning? What to know as fire weather conditions affect more parts of the US
▼ + stars: | 2023-04-12 | by ( Chris Panella | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

Here's what to know when you see a red flag warning in your area, and how to protect yourself. Red flag warnings indicate dry, arid weather and strong wind conditions that increase the possibility of dangerous wildfires. One map shared on Twitter by climate reporter Dave Levitan shows the latest range of red flag warnings stretching from New Mexico to Massachusetts. Be careful with cigarettes during a red flag warning. Lastly, the NWS has some basic guidelines to avoid igniting fires during a red flag warning:

☆ A hidden time bomb? A 'Big Short' investor sees financial disaster brewing in housing markets
▼ + stars: | 2023-04-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

Josh Edelson | Afp | Getty ImagesMore than a decade after a U.S. mortgage meltdown threatened to destroy the international financial system, a "Big Short" investor once again sees financial disaster brewing in the real estate market. Now, Burt believes an overlooked climate risk could see history repeating itself. U.S. housing market overvalued? watch now"The biggest reason why it matters from our perspective is that climate risk isn't being priced into the housing market," Jeremy Porter, head of climate implications at First Street Foundation, told CNBC. 'A humanitarian crisis'Far from a domestic issue, Burt stressed the climate risks associated with the U.S. housing market posed a major problem for countries worldwide.

☆ Mortgage giant Fannie Mae tackles climate risk, but changes to underwriting may take several years
▼ + stars: | 2023-03-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

But the housing market currently doesn't price that climate risk into home values. The mortgage giant's chief climate officer, Tim Judge, says mortgage underwriting does not currently account for climate risk. To help, Judge is hiring climate risk modeling firms, such as First Street Foundation and Jupiter Intelligence, as well as others, to figure out just how to factor climate risk into home values and mortgage underwriting. First Street, for example, looks at climate risk from floods, fire and wind, and brings it down to an individual property level. But Fannie Mae is not yet rejecting any mortgages based solely on climate risk.

Search resuls for: "First Street Foundation"

25 mentions found