Yesterday, Zillow introduced First Street’s comprehensive climate risk data on for-sale listings across the US.
This data will include the potential for wildfires, flooding, extreme temperatures, high winds, and poor air quality. This data will also include what type of insurance is required or recommended for the property.
Zillow will provide this new climate risk data in partnership with First Street, which is a company that specializes in climate risk financial modeling. The climate risk data will be included in the Zillow listings on the website and iOS app by the end of the year and the extension to the Android app will be done by early next year.
According to the company, 16.7% of new listings in August on Zillow were at a major risk of wildfire and 12.8% had a major risk of flooding.
They will also use color-coded highlights on Zillow’s search map to indicate which areas will be likely to be affected by those five key risks in a bid to make the potential homeowners aware of the risks. Each of the risks will have its own color on the map to indicate the potential severity of the risk.
When this feature is live, the homeowners will have access to a new climate risk section detailing the specific risks for that region or location at the current moment. It will also list the forecast of the severity of those risks in the future.
This will help the potential homeowners understand the costs related to wind, fire, and flood insurance over time.
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