OPINION: Look for financial advisers who take climate change risks into consideration when you need help preserving and protecting your wealth.
For many Americans, a beach house in Florida or a mountain home in California’s Sierra Nevada has long been on the list of retirement dreams. They’ve planned. They’ve saved. And they thought once they left the workforce, they’d be able to make those dreams a reality.
The time they spent researching on site each year confirmed their decision to retire there — until last winter.A hurricane hit during their stay, giving them an up-close look at what life in The Keys during severe weather might be like. Once they began to look at the data on storm frequency, they realized that while they’d been lucky with good weather the four years prior, the prognosis for the future wasn’t necessarily good. So they changed their mind.
A recent article in Coastal Heritage Magazine noted that the cost of homeowners’ insurance, including wind coverage, is increasing significantly in hurricane-prone areas. In fact, climate change will add $183 billion to annual premiums for property insurance by 2040, according to research by the reinsurance group, Swiss Re Institute.
Exorbitant insurance premiums may be doable for some ultrahigh net worth families, but even for families of means, they come at the expense of other important things like long-term-care insurance or leaving a financial legacy for children and grandchildren. RBC, as an enterprise, acknowledges that climate change affects all communities and sectors of the economy. In 2019, the company released its Climate Blueprint, which is our enterprise strategy to accelerate clean economic growth and support our clients in a socially inclusive transition to net-zero.
Advisers must become as familiar with these tools as they are with 401 savings projection calculators and estate planning laws.Today, counties with the largest share of homes facing high heat, drought, fire, flood, and storm risk saw their populations increase due to net migration over the last 5 years while areas with lower climate risk saw their populations decline, according to Redfin. This is largely due, they say, to the lower costs and the attractiveness of the area they are moving.
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