Though some people still maintain that global warming is nothing but a hoax, there’s data that points to the fact it’s a very real problem.
In fact, climate change has led to a notable uptick in rainfall over the past three decades, according to research out of Stanford University. All of that added rainfall has caused almost $75 billion in flood damage across the U.S. in the last 30 years. And if the problem continues, buying and insuring property will become all the more tricky for real estate investors.
Over 14 million U.S. properties are susceptible to flood damage, according to First Street Foundation, a nonprofit research and technology group. But many property owners lack flood insurance because the federal flood maps that spell out flood zones are often outdated and fail to account for the impact of climate change, which can spur more episodes of intense rainfall.
The video below isn’t directly related to the article but contains relevant information about the topic.
Climate change causes ‘perfect storm’ for real estate properties
Feb 16, 2021
2 min, 1 sec