Climate change in its various forms will likely cut into your savings over time. Here’s a breakdown, and some ways to protect your finances.
Kristy Jiayi Xu got an unwelcome surprise on New Year’s Eve: The roof of her garage was leaking during a severe rainstorm in San Francisco. Delays in getting a contractor to fix the roof have brought unexpected costs to keep things dry, including a dehumidifier.
“My husband and I are both from the East Coast, so we always think the rain here lasts for a day,” says Xu, certified financial planner and CEO of the firm Global Wealth Harbor. In hurricane-prone states, some insurers offer home insurance policies with separate hurricane deductibles. And insurers’ policy language keeps changing to limit what they pay for, Bach says.
“The toughest thing is, so many households now are on a tight budget. It’s hard to tell people to buy three separate insurance policies,” Bach says. “Higher temperatures over recent decades have played an increasingly non-negligible role in driving price developments,” according to a 2021 report by the European Central Bank that analyzed temperature data and price indicators in 48 countries, including the U.S. “Food price inflation could be explained by a negative effect of hot summers on food production, resulting in supply shortages.”
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