Climate change poses a major risk to homeowners across the country, both in terms of safety and home value, with Philadelphia being among the areas with overall high climate risk, write Michael J. Coren, Naema Ahmed, and Kevin Crowe for The Washington Post.
A new analysis by AlphaGeo, a climate modeling group, found that Philadelphia has a very low risk of wildfire and a low risk in the hurricane, heat, and drought categories.
However, the county is at medium risk of both coastal and even inland flooding.
Another factor that influences home prices is the state’s disclosure laws. Pennsylvania is one of the states that require disclosure of whether a property is in a designated floodplain and if any flood damage has affected its structures.
However, the state does not require the disclosure of potential requirements to carry flood insurance.
Higher insurance premiums can also play a role in reducing the value of a home.
In Philadelphia, average insurance premiums have increased by 38 percent between 2020 and 2023.
Read more about climate risk in the Philadelphia area and how it affects you in The Washington Post.
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