As a Southern Californian, you know the drill – wildfires, drought, and extreme heat are becoming more frequent and intense. And if you’re in the market for a new home, these climate risks are something you can’t afford to ignore.
A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below):
Insurance Woes in High-Risk Areas
Let’s be real, many insurance companies are saying “thanks, but no thanks” to insuring homes in areas prone to wildfires. And who can blame them? The devastating fires we’ve seen in recent years have left insurers with massive payouts. But for homebuyers, this creates a major headache.
Finding affordable insurance coverage in these high-risk zones is like finding a needle in a haystack. The few companies still willing to insure are charging an arm and a leg, making homeownership even more out of reach for many.
The Inland Empire’s Fiery Reality
If you’re looking to buy in the Inland Empire, you’re likely all too familiar with this issue. Riverside and San Bernardino counties have seen some of the most destructive wildfires in recent memory, like the 2020 Apple Fire and the 2018 Cranston Fire. As a result, many neighborhoods in the region are now considered high-risk by insurance providers.
Securing insurance coverage or bracing for sky-high premiums is just part of living in the Inland Empire.
Protecting Your Investment
But don’t lose hope just yet! There are steps you can take to navigate these climate-related challenges:
- Lean on Local Expertise: Work with a real estate agent who knows the area inside and out. They can steer you toward lower-risk neighborhoods and guide you through the insurance maze.
- Build It to Last: When house hunting, prioritize homes built to withstand the elements. Look for fire-resistant materials, secondary water barriers, and defensible space around the property.
- Get Insurance Quotes Early: Don’t wait until the last minute to explore insurance options. Start comparing quotes from different providers early on to understand the potential costs.
- Harden Your Home: For existing homes, consider fire-proofing measures like fire-resistant roofing, vegetation clearing, and fire-smart landscaping. These can help lower insurance premiums or make your home more insurable.
While climate risks are a harsh reality, being proactive and working with local experts can help you make informed decisions and protect your investment.
Resources
- National Association of Realtors: Climate Change and Housing
- California Department of Insurance: Wildfire Resources
- Inland Empire Wildfire Risk Map
Buying a home in today’s market is already a bit of a challenge, but throw in climate risks and it’s associated costs, and it’s a whole new level of stress.
But with the right preparation and guidance, you can overcome, and find your dream home without breaking the bank or losing sleep over potential disasters.
If you’d like assistance from someone who knows first hand what this means for you, I am happy to help. I not only sell homes in the Inland Empire, lots of them! But I also live here. Feel free to reach out, call or text (909) 915-9581 – Ana
