Zillow has announced that its U.S. real estate listings will soon include detailed information on climate risks, including potential wildfires, flooding, extreme temperatures, high winds and poor air quality. Buyers will also learn what types of insurance are required or recommended for the property.
Climate risk data provided through a partnership with First Street, which specializes in “climate risk financial modeling,” will be available on the Zillow website and iOS app by the end of this year, and will be available on Zillow’s Android app early next year.
In August, 16.7% of new homes listed on Zillow faced a “significant risk of wildfire,” while 12.8% faced a significant risk of flooding, the company said. To make potential homeowners aware of these risks, Zillow’s search map will be updated with color-coded highlights indicating which areas may be affected by these five major risks, with each risk having its own color scale to indicate potential severity.
When homebuyers view a listing, there will also be a new Climate Risks section that details the property’s specific current risks and the projected severity of those risks in the future, helping buyers understand the risks, potential costs of fire and flood insurance over time.
According to First Street, 78% of the homes flooded by Hurricane Debbie are in areas where flood insurance is not mandatory, but 85% of those homes have been flagged as having insurance recommendations in Zillow’s new climate risk assessment.
