Increasingly, climate risks such as hurricanes, floods and wildfires are causing insurance payouts that exceed the premiums insurers are collecting. This leads insurers to raise rates or reconsider insuring certain areas altogether.

Storm mitigation reduces a property’s risk to future events. It can allow residents to return more quickly to a home with less damage. While it usually takes an initial investment, mitigation pays off in the long run. On average, every $1 spent on mitigation saves $6 in future losses.

The retreat of insurance companies from areas heavily impacted by extreme weather risks has far-reaching consequences. It leaves homeowners unprotected against catastrophic losses, places the burden of recovery on communities, and creates economic instability.

Storm damage isn’t the only way extreme weather affects your home’s value. Rising insurance costs, increased building costs, and more can decrease the value of your home. To understand these costs and how to protect your investment, read on.

Homeowners along the East Coast face significant climate-related risks due to increasing temperatures, extreme weather events, rising sea levels, and changing climate patterns. These risks pose threats to both the safety and financial well-being of homeowners. However, through building resilience, education, and decisive action by policymakers, these risks can be mitigated.