Homeowners insurance and climate change

Will Jeziorski () and Shanthi Ramnath
Additional contact information
Will Jeziorski: https://economics.illinois.edu/profile/wsj2

Chicago Fed Letter, 2021, issue 460, 6

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.

Keywords: household analysis; housing supply and markets; insurance (search for similar items in EconPapers)
JEL-codes: G52 R2 R31 (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.chicagofed.org/~/media/publications/ch ... /2021/cfl460-pdf.pdf full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedhle:93022

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Chicago Fed Letter from Federal Reserve Bank of Chicago Contact information at EDIRC.
Bibliographic data for series maintained by Lauren Wiese ().