Across much of the United States, the debate about climate change is fundamentally over — and the question of whether it’s caused by humans essentially moot — because the overwhelming evidence is here: extreme weather events are growing more and more common across the world and the United States, incurring human suffering and displacement as well as billions of dollars in damages.
In the past few years alone, the United States has seen devastating hurricanes along the Gulf Coast, unprecedented wildfires raging across California, and increased flooding and dire weather conditions all across the country.
While you might think the bulk of the devastation occurs in places like California and Florida, you’re technically correct — but places like New York are starting to feel it too, and the effects can be more costly than you think.
The Rise of Extreme Weather Events in NY
Here’s some sobering data on changing climate trends. According to the National Oceanic and Atmospheric Administration (NOAA), the frequency and intensity of weather events like hurricanes and severe storms have been rising steadily. 2023 ranked fourth historically in terms of the number of named storms along the Atlantic basin, and future years are likely to rank even higher, as both the frequency and intensity of tropical storms are expected to further increase:
Tropical cyclone intensities globally are projected to increase (medium to high confidence) on average (by 1 to 10% according to model projections for a 2-degree Celsius global warming). This change would imply an even larger percentage increase in the destructive potential per storm, assuming no reduction in storm size. Rapid intensification is also projected to increase.
New York is almost certain to feel the effects of these changing weather patterns. Experts predict New York may see up to 30% more annual rainfall by the end of the century, which means more (and worse) flooding. Rising sea levels will further contribute to New York’s hardship, as they are expected to go up 15 to 75 inches in the next century, potentially displacing millions of residents.
New York’s climate troubles don’t end there, either: climate scientists are projecting more frequent and severe heat waves in the city, which already cause hundreds of deaths per year. Efforts to get through this extreme heat will place further strain on New York’s infrastructure, to say nothing of the increase in emissions.
Extreme Weather and Homeowners Insurance
Every homeowner likely worries about natural disasters damaging or even destroying their home, although not every homeowner is conscientious about what’s covered by their homeowner’s insurance. To further complicate matters, even perils that are covered can be trickier than they appear. New York’s highly varied climate means that different parts of the state will have different issues and coverage requirements.
Most NY homeowners insurance policies will guard against things like wind damage from tornadoes and hurricanes. But if you live in a tornado-prone area, there may be a second, higher deductible for tornado damage and a reason to consider buying additional coverage in case your home gets damaged. While this isn’t normally a concern for New Yorkers, it could be in the future. Flood and earthquake damage in New York isn’t covered by default when it comes to home insurance, and will require a rider.
Additionally, if you live in New York and have high-value items like jewelry or artwork, you may also want to consult with your insurance company, as a standard homeowner’s insurance policy may not sufficiently cover big-ticket items in case of damage from a weather event.
Safeguarding Your Home
In New York, both extreme heat and cold can cause all sorts of damage to your home. Extreme heat can damage the integrity of your roof, leading to leaks and expensive water damage. Heat can also damage siding by causing it to expand and contract, eventually leading to bubbles and cracks.
Winter storms can be every bit as damaging, causing stress on your roof, potential frozen pipes, and — as long as we’re talking about insurance — the liability risks of an ice-covered driveway. And there’s no mystery about the damage caused by winter storms, hurricane-force winds, and sleet or hail. In some cases, record snowfall has even brought some buildings down entirely.
If you live in an area prone to extreme heat, hurricanes, wildfires, or other natural disasters, you’re going to have to face the risks and the higher premiums that come with them.
Luckily this hasn’t been the case with New York but weather patterns are shifting and New Yorkers could see their insurance change with the weather in the future.There are a few steps you can take, however to ease the burden of costly insurance premiums:
- Have your home’s structural integrity assessed by a professional, and take stock of your flood risk (if any).
- Shop around and compare home insurance quotes between various companies.
- Invest in storm windows and doors as well as reinforced garage doors. Plant trees to guard against the perils of extreme heat, and renovate or build with sustainable, fire-resistant materials.
Published by: Martin De Juan
