For-sale listings on Zillow will now feature
detailed climate risk information for five key categories — flood,
wildfire, wind, heat and air quality — along with insurance
recommendations
SEATTLE, Sept. 26,
2024 /PRNewswire/ -- Zillow® is introducing
climate risk data, provided by First Street, the standard for
climate risk financial modeling, on for-sale property listings
across the U.S. Home shoppers will gain insights into five key
risks—flood, wildfire, wind, heat and air quality—directly from
listing pages, complete with risk scores, interactive maps and
insurance requirements.
With more than 80% of buyers now considering climate risks when
purchasing a home, this feature provides a clearer understanding of
potential hazards, helping buyers to better assess long-term
affordability and plan for the future. In assisting buyers to
navigate the growing risk of climate change, Zillow is the only
platform to feature tailored insurance recommendations alongside
detailed historical insights, showing if or when a property has
experienced past climate events, such as flooding or wildfires.
"Climate risks are now a critical factor in home-buying
decisions," said Skylar Olsen, chief
economist at Zillow. "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."
Climate risk information will be available on the Zillow app for
iOS® and on the Zillow website by the end of the year, with
Android™ availability expected early next year.
Navigating climate risk scores on Zillow
When using
Zillow's search map view, home shoppers can explore climate risk
data through an interactive map highlighting five key risk
categories: flood, wildfire, wind, heat and air quality. Each risk
is color-coded and has its own color scale, helping consumers
intuitively navigate their search. Informative labels give more
context to climate data and link to First Street's
property-specific climate risk reports for full insights.
When viewing a for-sale property on Zillow, home shoppers will
see a new climate risk section. This section includes a separate
module for each risk category—flood, wildfire, wind, heat and air
quality—giving detailed, property-specific data from First Street.
This section not only shows how these risks might affect the home
now and in the future, but also provides crucial information on
wind, fire and flood insurance requirements.
Nationwide, more new listings came with major climate risk,
compared to homes listed for sale five years ago, according to a
Zillow analysis conducted in August. That trend holds true for
all five of the climate risk categories Zillow analyzed. Across all
new listings in August, 16.7% were at major risk of wildfire, while
12.8% came with a major risk of flooding.
Zillow partnership with First Street
Zillow has
partnered with First Street, a trusted leader in climate risk
modeling, to deliver accurate, reliable data to home shoppers.
First Street's models, developed by leading scientists and vetted
through a peer-review process, are used across multiple industries,
including real estate, banking, government and insurance, ensuring
that the climate insights given on Zillow are both credible and
actionable.
First Street's analysis of the impact of Hurricane Debby found
78% of properties flooded by that hurricane were outside FEMA flood
zones, and consequently located where flood insurance isn't
mandatory. It's important to note that 85% of these properties
would have received an insurance recommendation on Zillow,
highlighting how climate risk data can guide users in assessing
insurance needs and making informed decisions about their future
homes.
"At First Street we are on a mission to connect climate change
to financial risk," said Matthew
Eby, founder and CEO of First Street. "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."
SBTi validates Zillow's science-based targets
Zillow
is not only expanding its suite of innovative tools and data to
address climate-related challenges, but is also taking steps to
reduce its own environmental footprint. Earlier this week, Zillow
announced that the Science Based Targets initiative (SBTi)
validated Zillow's near-term science-based targets for reducing
greenhouse gas (GHG) emissions. Zillow's validated targets are:
- To reduce Zillow's absolute scopes 1 and 2 GHG emissions 94% by
2030 from a 2019 base year.
- For 75% of the company's suppliers to have science-based
targets for emissions reductions covering procured goods and
services, capital goods and business travel by 2028.
See our blog post here for more information about SBTi's
validation of Zillow's science-based targets. For more information
about Zillow's work on its climate and other sustainability
priorities, read our 2023 Sustainability Report.
About Zillow Group:
Zillow Group, Inc. (Nasdaq:
Z and ZG) is reimagining real estate to make home a reality for
more and more people. As the most visited real estate website in
the United States, Zillow and its
affiliates help people find and get the home they want by
connecting them with digital solutions, dedicated partners and
agents, and easier buying, selling, financing and renting
experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow
Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠,
Spruce® and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 2024 MFTB Holdco, Inc., a
Zillow affiliate.
About First Street:
First Street™ is the
standard for climate risk financial modeling (CRFM) working to
connect climate change to financial risk. First Street uses
transparent, peer-reviewed methodologies to calculate the past,
present, and future climate risk for properties globally and makes
it available for citizens, industry and government.
(ZFIN)
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SOURCE Zillow