Have you suffered sticker shock from your most recent property insurance premiums? If not, it’s only a matter of time because all of us are helping to pay for climate-related billion-dollar disasters across the country. In addition to raising premiums to stay solvent, insurance companies are refusing to renew property coverage in disaster-prone areas.
Property insurance is becoming increasingly difficult to get in states like California, and mortgages may not be available in a decade or so in locations repeatedly affected by climate change induced disasters. Here in Utah homeowners are losing insurance coverage due to a very high risk of wildfire or facing dramatic premium increases. Summit and Wasatch counties are in the crosshairs of the insurance industry. Dammeron Valley, north of St. George, is at very high risk for both wildfires and floods. St. George is suffering from the same drought that fueled the L.A. fires. Both cities have an abundance of highly flammable palm trees, often planted right next to buildings. Will the hydrants run dry in southwest Utah as well?
Research predicts that climate change will wipe out $1.5 trillion in home values by 2055. For similar reasons, vehicle insurance is also getting much more expensive due to climate related wildfires, floods, hail storms, tornadoes and hurricanes.
Besides consulting the Utah Wildfire Resource Guide, let our state and federal legislators know we want them to address the underlying cause of these financial stresses: our changing climate.
Jean M. Lown, St. George
