How climate change could turn US real estate prices upside down
by Richard Luscombe in Miami, Florida from on (#30M7D)
Floridians have long recognised climate's threat to their homes. Amid the disaster wrought by Harvey, home buyers may look to higher ground
If Florida gleaned anything from Hurricane Andrew, the intensely powerful storm that tore a deadly trail of destruction across Miami-Dade County almost exactly 25 years to the day that Hurricane Harvey barrelled into the Texas coastline, it was that living in areas exposed to the wrath of Mother Nature can come at a substantial cost.
At the time the most expensive natural disaster ever to hit the US, Andrew caused an estimated $15bn in insured losses in the state and changed the way insurance companies assessed their exposure to risk for weather-related events.
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