Wildfire seasons have gotten more and more destructive, culminating in the catastrophic Lahaina disaster with a death toll of over 100 people making it the most deadly disaster in Hawaiian history. The Lahania fire is also the most deadly wildfire in a century, eclipsing the Camp Fire, Paradice, California tragedy only 5 years later. Now, the insurance industry which was already nearing collapse in many mainland US states is reassessing insurance in Hawaii. So, what does all this mean?
Remember the 2008 Financial Crisis? Experts warn that the same thing may be happening again, but this time, CLIMATE CHANGE is the culprit. Increasing natural hazards, from wildfires and hurricanes to rising sea levels and catastrophic flooding are threatening the very foundation of our real estate system in huge swaths of the country. State Farm, All State and Farmers Insurance all stopped writing new policies in the entire state of California. And we're seeing similar stories unravel in other states due to different threats, like in Florida and Louisiana. Could the real estate bubble be popping? Where else might be affected?
Well, there is a potential solution that we will explore in this episode. The Insurance Institute for Business and Home Safety is rolling out a program called Wildfire Prepared Home. They believe that if widely adopted, the program could limit wildfire destruction enough to save the at-risk industry. This includes a home-out approach, focusing on the Home Ignition Zone developed by researchers like Jack Cohen at the US Forest Service and IBHS.
Weathered is a show hosted by weather expert Maiya May and produced by Balance Media that helps explain the most common natural disasters, what causes them, how they’re changing, and what we can do to prepare.
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