IDEAS home Printed from https://ideas.repec.org/a/fip/fedhle/93022.html
   My bibliography  Save this article

Homeowners insurance and climate change

Author

Abstract

Over the past 25 years, the U.S. has experienced a sharp increase in climate-related disasters totaling billions of dollars in damages. For those whose homes are destroyed, the financial impact can be devastating. Fortunately, many have some of their losses covered by homeowners insurance. In 2017—a particularly costly year in terms of weather-related damages— insurers reported around $68 billion in losses from homeowners insurance claims. Still, with the number and intensity of climate-related disasters on the rise, it is important for us to understand the degree to which homes are underinsured, either through having no coverage or not enough coverage.

Suggested Citation

  • Will Jeziorski & Shanthi Ramnath, 2021. "Homeowners insurance and climate change," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 460, pages 1-6, September.
    • Handle: RePEc:fip:fedhle:93022
    as

    Download full text from publisher

    File URL: https://www.chicagofed.org/~/media/publications/chicago-fed-letter/2021/cfl460-pdf.pdf
    File Function: full text
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    household analysis; housing supply and markets; insurance;
    All these keywords.

    JEL classification:

    • G52 - Financial Economics - - Household Finance - - - Insurance
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedhle:93022. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lauren Wiese (email available below). General contact details of provider: https://edirc.repec.org/data/frbchus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.