New Reports Show Homeowners – and Prospective Homebuyers – Feeling the Effects of Worsening Climate Crisis

Washington, DC – On Sunday, September 3, the Washington Post reported that at least five large U.S. property insurers, including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway, have informed regulators that extreme weather fueled by climate change has led them to stop writing coverages in some regions and exclude protections from various events in others. In doing so, families across the country are facing the prospect of losing crucial insurance protections as the climate crisis continues to worsen.

This comes as new research findings released yesterday by real estate marketplace Zillow shows that 83% of prospective homebuyers are considering climate risks when purchasing a home, taking into account the threat of flood, wildfires, extreme temperatures, hurricanes, drought and more. 

In response, Sierra Club Executive Director Ben Jealous released the following statement:

“For generations, the idea of the American Dream has had a critical cornerstone: home ownership. It is the place we can envision – and build – our future. And yet, as if there were not enough obstacles in the way of achieving the American Dream already, prospective homebuyers are grappling with how the climate crisis will impact the future they hope to build. Meanwhile, millions of those who have already purchased their homes are struggling with the loss of insurance policies intended to be a safety net to protect what is often the biggest investment they will ever make. 

“Our leaders at every level of government – from city councils to the halls of Washington – love to talk about the American Dream. That dream will only become more difficult to attain without the bold and necessary action the climate crisis demands.”

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