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Homebuyers will soon have access to climate risk data on Zillow, according to an announcement on Thursday. Zillow is partnering with First Street to provide users with data on a property’s risk levels for flood, wildfire, wind, heat and air quality through risk scores, interactive maps and insights into insurance requirements.
“Climate risks are now a critical factor in home-buying decisions,” Zillow chief economist Skylar Olsen said in a statement. “Healthy markets are ones where buyers and sellers have access to all relevant data for their decisions. As concerns about flooding, extreme temperatures and wildfires grow — and what that might mean for future insurance costs — this tool also helps agents inform their clients in discussing climate risk, insurance and long-term affordability.”
On an interactive map, homebuyers can see each of the five major climate risk factors highlighted in its own color scale. When a buyer selects a property page to view, a new climate risk section will appear alongside the listing, which provides them with a separate module for each of the five risk categories.
According to Zillow, this section shows how these risks may impact the property now and in the future. It also provides home shoppers with information on wind, fire and flood insurance requirements.
“At First Street we are on a mission to connect climate change to financial risk,” Matthew Eby, the founder and CEO of First Street, said in a statement. “Partnering with Zillow helps us achieve that mission by providing the millions of everyday users on the Zillow platforms with the same property-specific climate risk data that is used by top banks, agencies and investors.”
The information will be available on Zillow’s iOS app and the Zillow website later this year, as well as the Android version of the app early next year.
Zillow’s addition of this information to its platform comes as the company published a new analysis of climate risk data in partnership with First Street. According to the analysis, more than 80% of buyers are now considering climate risks when purchasing a home.
Nationwide, 55.5% of new listings in August have a major risk for extreme heat, while 33% are at risk of extreme heat exposure. About 17% have a major wildfire risk, 13% have a major air quality risk and 13% are at major risk of flooding. New listings in the Midwest hold the least amount of climate risk, according to Zillow.
