Natural disasters

The wildfires are expected to have a limited effect on loan pricing and delinquencies, but other expenses could rise, adding to the cost of a mortgage.

The California FAIR Plan Association, already vulnerable financially, will likely need an assessment of insurers or policyholders as a rescue measure, according to experts.

Experts share the short-and long-term strategies employers should put in place to help employees impacted by the crisis.

Verisk and Moody's are the first two modeling companies to submit their models to the California Department of Insurance. A Verisk executive explained the functioning of their model and what insurers' options are.

As the flames continued to spread, banks closed more branches while others donated to relief efforts.

A trio of blazes in SoCal have destroyed over 2,000 homes and structures in neighborhoods with average property values well above the national average.

Only 5% of homeowners in designated disaster-assistance areas were required to hold flood insurance, according to the Federal Housing Finance Agency's dashboard.

As this year's natural disasters bring heightened attention to the cost and availability of homeowners insurance, servicers often find themselves caught in the middle when customers see premium hikes.

Half a million single-family and multifamily homes in Tampa Bay and Sarasota are at risk of storm surge damage, Corelogic's report said.

Total insured wind and flood losses are predicted to be between $10.5 billion and $17.5 billion, according to CoreLogic. Earlier estimates placed the cost of insured damages between $3 billion and $5 billion.

The analytics tool takes a look at geography and borrower activity to help pinpoint areas with high concentrations of loans at risk from natural disasters.

California homeowners could be required to pay a surcharge if the state's insurer of last resort is unable to cover losses from a catastrophic wildfire.

The total insured wind and storm surge losses in Texas will be between $700 million and $1.5 billion, Corelogic estimates.

Above and beyond the obvious damage, wildfires levied a hidden cost on the finance industry: Mortgage lenders and investors lost more than $30 billion between 2020 and 2022, due to both accelerated defaults and prepayments following disastrous blazes.

While congressional leaders fight over what to include with the $12 billion slated for FEMA, others feel that the reliance on FEMA and the federal government for disaster relief may begin to change.

Four out of five prospective house shoppers take into consideration how climate risks such as floods, wildfires and extreme temperatures can impact a property, per a Zillow report.

The growth in market share comes as the national insurance program has instituted a risk-based pricing regime that's led to some fluctuation in rates.

HUD has rolled out its 90-day foreclosure moratorium and the government-sponsored enterprises are providing up to a year of forbearance with fees or penalties.

The latest version of the tool integrates more detailed data on social variables like race, income, disability and English language proficiency.

While most would consider where their next house will be due to natural disasters, only two in five would move from their current property, Freddie Mac said.