Latest news with #Schneyer
USA Today
07-07-2025
- Climate
- USA Today
The Texas flooding is a reminder of the importance of insurance
As a desperate search for survivors continues in the areas of Texas walloped by weekend floods, one reality persists: Americans and their properties are not prepared for the severe-weather impacts of a changing climate. Late in the day on July 7, the death toll stood at 90, including at least 27 children and counselors from Camp Mystic, an all-girls summer camp in Kerr County. At least 10 girls and one counselor remain missing, Kerr County Sheriff Larry Leitha said at a news conference Monday. 'One of the more devastating things about this event was that it was known risk,' said Jeremy Porter, head of climate implications at real estate data provider First Street, in an interview with USA TDOAY. Camp Mystic was right on the edge of a Special Flood Hazard Area, as designated by the Federal Emergency Management Agency, Porter noted. And in 1987 10 teens at a camp in the same area were killed by the same causes: a sudden onset of heavy precipitation leading to flash flooding from the same river that surged this weekend. But even knowing the risks may not be enough to protect American homeowners. More: Home insurance protects against climate change. But report finds millions are missing out. In Kerr County, where Camp Mystic is located, only 2,650 properties fall in FEMA's hazard area, meaning they are required to have flood insurance. Homeowners' insurance doesn't cover damage from flooding. First Street's own models find 4,592 properties with what it calls '100-year risk' in the county – nearly double the number FEMA counts. But there are no checks on whether homeowners do carry flood insurance, and experts like Porter say only about 50% of all potential affected homeowners do buy it. First Street's models differ from FEMA's in that they incorporate effects of extreme precipitation, which FEMA does not account for. First Street also uses climate-change models to extrapolate changing risk into the future. Homeowners insurance can help Even though flooding is not covered by homeowners' insurance, the most important lesson from the weekend's devastation is still the importance of having a policy for other disasters, said Jon Schneyer, insurance director of research and content for data provider Cotality. 'Insurance is still your first line of defense when it comes to financial recovery,' Schneyer told USA TODAY. Being properly insured – and also taking steps to mitigate damage from severe weather – can cost money now, Schneyer said, but the savings down the road in case of damage, not to mention the peace of mind, should offset those expenses. Read next: Climate change is worsening the insurance crisis. Some states have solutions It's also important for homeowners to weigh the possibility of extreme weather in some areas of the country, like the South, against the relatively more affordable housing costs there, Schneyer said. He encourages homeowners to do everything they can to understand their risk levels, rather than simply assuming that lying outside a FEMA flood zone makes a property safe. 'Low risk does not mean no risk.'
Yahoo
27-02-2025
- Climate
- Yahoo
Chicago leads nation in homes susceptible to severe weather damage
CHICAGO – The Chicago metro area, often referred to as the Windy City, is home to the greatest number of homes at risk for hail, damaging winds and tornadoes, according to a storm risk report produced by CoreLogic. The financial analyst company said they came to their conclusions based on 133 days of severe weather in 2024, which was primarily dominated by damaging hail. According to the California-based company, nearly 3 million homes in Northern Illinois face the risk of hail damage, with an additional 3 million homes at risk from tornadoes or straight-line winds. The estimated reconstruction cost of all the vulnerable properties around Chicago sits at just over $4 billion, significantly ahead of metro areas such as Dallas and Houston. "Severe convective storms spotlight the significant and evolving challenges that arise at the intersection of hazard and property. It is a problem which both insurers and homeowners will have to grapple with," Jon Schneyer, a research & content director at CoreLogic, said in a statement. "The big swings we're seeing in intense storms are impacting different parts of the country where development is highest. This means everyone should take steps to increase their home's resilience. Absence Of Ef-5 Tornadoes May Be Because Of Damage Assessments, Not Changes In Weather Patterns While the Chicago metro ranked at the top of the charts for severe weather damage, the Land of Lincoln is not usually the hardest hit. According to CoreLogic, Texas was the most impacted state in 2024, with 180,000 homes damaged by severe hail. Communities such as Oklahoma City experienced significant wind damage, but the overall population and exposure is not at large as what exists in and around Chicago. "Preventative actions, regular maintenance and awareness are essential to storm preparedness," Schneyer stated. April Kicks Off America's Most Active Time Of Year For Tornadoes April often kicks off the beginning of the peak tornado season in the United States, due to warm moist air from the Gulf meeting a cooler airmass from the Rockies and Canada. The instability often fuels rotating supercells in what some refer to as "Tornado Alley," which includes parts of Texas, Oklahoma, Kansas, Nebraska and Arkansas. Large severe weather outbreaks around the Chicago-land area usually don't arrive until May, June and July, when the jet stream pattern lifts further north. The United States averages over 1,200 tornadoes every year with nearly 90% determined to be at EF1 strength or weaker. According to the National Weather Service in Chicago, there have been more than half a dozen EF4/F4 or EF5/F5 tornado strikes around the metro since reliable records started to be kept in the 1950s. The deadliest event occurred in 1967, when an F4 was blamed for the deaths of 33 people and caused millions of dollars in article source: Chicago leads nation in homes susceptible to severe weather damage
Yahoo
20-02-2025
- Climate
- Yahoo
Why paying more now to prevent future damage to home may be beneficial if disaster strikes
Severe weather and other natural disasters can impact nearly every community in the U.s., and when someone's home suffers damage or is destroyed, the cost to make repairs or rebuild can be astronomical. Every year, the team at CoreLogic gathers information about these severe weather events and compiles it into a Severe Convective Storm Report that guides risk management decisions across the insurance ecosystem, including underwriting, claims and restoration industries. How To Watch Fox Weather "CoreLogic is a property data and analytics company focusing on a number of different sectors globally, but more heavily focused in the United States," Research and Content Director Jon Schneyer told FOX Weather. "But anything to do with mortgage and lending, real estate or insurance." This year's analysis highlights a trend that CoreLogic says insurance carriers need to recognize – the shift to "outbreak-type" severe weather events rather than a prolonged stretch of severe weather. That type of event can then lead to a surge in insurance claims. Download The Free Fox Weather App The 2025 Severe Convective Storm Risk Report details the hail, tornado and straight-line wind risk by state and metro area. "For homebuyers, I think it's incredibly important to think about the natural disaster risk for a property because of the impact it's going to have on insurability, insurance affordability," Schneyer said. "What's great, if there is risk in the area where you want to live, if you want to live in coastal Florida, if you want to live in Texas, or you want to live in Georgia, North Carolina, where there is a natural disaster risk. Or California for wildfires. These areas are known to be risky for a disaster. There are things you can do to reduce the risk at your property, which is going to have an impact on your insurance premium." Schneyer said that mitigating the risk at your property has upfront costs, but it could help in the long run. Impactful Hurricane, Wildfire Seasons Expected To Lead To Spike In Home Insurance Rates In Florida, for example, maybe that includes elevating your home above the baseline elevation due to the flood and hurricane risk. If you live in an area that sees more severe weather than other parts of the U.S., maybe that means upgrading your roof that can withstand hail damage. And that, Schneyer said, will be reflected in your insurance premiums. "So, these risk reports are just highlighting the issue that there's a need to address the risks for businesses, for insurance providers or lenders, but even for consumers" he said. "You want to live in this area? Great. Consider the natural disaster risk. That money you can spend upfront is going to save you a ton of money down the road, either just on repair bills but also in your insurance premiums." Schneyer said that homeowners or potential homeowners who know and understand the risk and can actively prevent potential damage will accelerate any recovery that may be needed down the article source: Why paying more now to prevent future damage to home may be beneficial if disaster strikes
