Climate change is driving insurance rates up, forcing developers to add weather-proofing

Climate change has elevated the risk of natural disaster losses, sending real estate insurance premiums soaring.

Properties with climate-resilient features that protect from hurricanes, flooding, fires and wind have been able to to secure cheaper insurance premiums and reduce long-term costs by lowering their risk of property damage.

Those renovations reduced The Eddy’s estimated flood loss risk from $10 million to $1 million, which meant ten-times cheaper annual flood insurance premiums, plus savings on wind insurance, according to ULI. headtopics.com

Lindsay Brugger, vice president of urban resilience at ULI, said that, along with reducing insurance premiums, climate resilience can generate savings by lowering operating expenses, improving the marketability of a building and avoiding construction costs when a natural disaster hits.National Institute of Building Sciences

“Over time, these conditions could result in declining demand for office and retail space in our buildings or the inability of us to operate the buildings at all,” the company said in the filing. “Investing in the asset as opposed to depending on insurance coverage just makes more sense nowadays,” said Tony Liou, president of sustainable engineering firm Partner Energy.Consequently, climate-resilient architecture is no longer just a luxury expense — it’s a means of securing discounted insurance and lowering long-term costs. headtopics.com

She recently consulted on a trio of 1970s vintage multifamily buildings in Miami Gardens, Florida whose owner, in order to meet new lending requirements, needed to increase the property’s wind insurance policy by 850 percent — from $5 million of coverage to over $47 million. After an initial risk assessment, insurance firms only felt comfortable covering an additional $5 million.

The End of the F***ing World (2017)Created by Jonathan Entwistle, The End of the F***ing World is a Black Comedy that stars Naomi Ackie, Alex Lawther, and Jessica Barden. The plot follows a teenager that believes he’s psychotic and plans to try killing someone. He picks a girl from his class but the two end up falling for one another during the escapade. Read more ⮕

Baytown couple get decades in prison for killing, robbing man in wheelchair on Christmas in 2017A man accused of impersonating a police officer, then kidnapping and sexually assaulting a man faced a judge Monday morning. Read more ⮕

Hate crimes tripled in Illinois between 2017 and 2022Hate crimes tripled in Illinois between 2017 and 2022 Read more ⮕

Troy going for 6th straight victory over South Alabama in ‘Battle for the Belt’ ThursdayTrojans have not lost to South Alabama since 2017 Read more ⮕

World Series 2023: The pressure and thrill of coaching third base in the postseason — ‘It’s the closest thing to playing when you’re coaching’PHOENIX – Tony Perezchica has been coaching third base for the Arizona Diamondbacks since 2017. Read more ⮕

World Series 2023: The pressure and thrill of coaching third base in the postseason — ‘It’s the closest thing to playing when you’re coaching’PHOENIX – Tony Perezchica has been coaching third base for the Arizona Diamondbacks since 2017. Read more ⮕