A new survey has found that 60 per cent of young homeowners (18-34) considered the potential effects of climate change in the location they were buying their home. That compares to 31 per cent of those 35-54, and just 27 per cent of those over the age of 55.
Young Canadians are taking climate change into account when buying a home.
In the U.S., Florida and California have been two markets where many homeowners have been shocked to discover no insurance companies will insure them, or the ones that do, charge prices that are impossible for the average homeowner to afford. In May, State Farm announced it would stop issuing new insurance policies in California — not just in areas at risk of wildfires, but throughout the entire state.
Unfortunately, even with all the risks, relatively few Canadians are taking out additional insurance endorsements to cover them in the event of extreme weather events that are now being worsened by climate change.
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