Silicon Valley Lectures Us Again: Zillow Adds ‘Climate Risk Data’ to Home Listings
https://www.breitbart.com/tech/2024/10/08/silicon-valley-lectures-us-again-zillow-adds-climate-risk-data-to-home-listings/
By Lucas Nolan
Zillow is now providing homebuyers with “climate change risk data” when they look up house prices on the website, Silicon Valley’s latest attempt to lecture regular people about their environmental obsession.
CNBC reports that Zillow, one of the nation’s leading online real estate marketplaces, has partnered with climate risk firm First Street to incorporate “climate risk data” into its for-sale property listings. This new feature claims to empower homebuyers with the knowledge they need to make informed decisions when purchasing a home, as the company feels climate change may threaten some homeowners.
Each for-sale listing on Zillow now displays First Street risk scores for flood, fire, wind, air, and heat. These scores not only reflect the current risk levels but also provide projections for the next 15 and 30 years, corresponding to the standard lengths of fixed-rate mortgages. By incorporating the effects of climate change into its risk assessments, First Street’s data often shows an increase in risk over time, particularly for flood risk, as the company believes climate change intensifies the severity of rainfall events.
Skylar Olsen, chief economist at Zillow, emphasized the role climate risks believed to play in home buying decisions by the company, stating, “We’re providing buyers and sellers with clear, property-specific climate data so they can make informed decisions. As concerns about flooding, extreme temperatures, and wildfires grow, this tool also helps agents inform their clients in discussing climate risk, insurance, and long-term affordability.”
In addition to the risk scores, the new feature includes recommendations on whether homeowners should obtain flood insurance and provides a link to the First Street site, which helps estimate insurance costs. This is particularly important given that many people believe they are safe from flooding if they are not in a FEMA flood zone, a misconception that can have severe consequences.
Ed Kearns, chief science officer at First Street, noted, “I think that’s going to be the most direct impact of having scores on homes that quantify risk is that there may be some direct impact on real estate values, but a lot of that is going to go through the amount of insurance necessary to cover that home.”