Short Wave Climate Change Is Tough On Personal Finances
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Jun 29, 2022 Rebecca Hersher, a science reporter known for her insights on climate change, joins to discuss how extreme weather is affecting personal finances. She highlights a recent survey revealing that many people have faced financial strain due to floods, wildfires, and hurricanes. Hersher explains the hidden costs of these disasters and how insurance often falls short. Vulnerable communities, particularly those with lower incomes, experience exacerbated financial inequalities, making it crucial to consider resilient infrastructure and improved disaster management policies.
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Recurring Extreme Weather Costs for a Virginia Family
- Jennifer Harris, a nurse in Hampton, Virginia, faced recurring extreme weather costs.
- Damage to their roof, siding, shed, and fence led to financial strain despite insurance.
Flood Insurance Costs Rise with Climate Change
- Rising flood risk due to climate change forces people into flood zones, necessitating costly flood insurance.
- Jennifer Harris' family had to acquire flood insurance after their zone changed, adding to their financial burden.
Underinsurance Leaves Disaster Victims Vulnerable
- Many individuals impacted by extreme weather are underinsured, leaving them with substantial out-of-pocket expenses.
- Jennifer Harris' family had to pay 10% of their home's value before insurance covered their roof repair.