from US News
IN 2018, THE FEDERAL Emergency Management Agency announced that it would be updating New York City’s flood maps as a result of rising sea levels and shifting climate change forecasts. After all, in New York City, it’s been estimated that approximately 80 percent of the property owners who have experienced flood damage since the maps were last updated in 1983 didn’t have flood insurance.
If you live in an area that has been plagued by floods, fires or beach erosion, or if you are concerned because 2014 to 2018 were the warmest years on record, you may be asking yourself: “How will climate change impact my home’s value?”
Climate change could impact your home’s value in several ways, including:
- Less demand for waterfront homes.
- Higher insurance premiums.
- Higher property taxes.
- Increased property values for some homeowners.
While it’s impossible to predict the future, the consequences of rising temperatures and sea levels and increasing flood-prone areas could result in adjusted home values. Below are climate change projections and factors that will likely significantly alter property values, according to experts.