Beyond the Buildings

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Can We Bridge the Widening Property Insurance Gap? Mar 05, 2025

Show notes

For years homeowners’ insurance was just there. It was a safety net in the background, ready to catch someone when disaster struck. But now, that net is fraying, and homeowners are scrambling to understand why coverage is becoming so expensive — or in some areas, nearly impossible to obtain.

Homeowners across the country — especially in wildfire-prone states like California — are seeing their premiums skyrocket, their policies canceled, or, in some cases, they are left without any options at all. Insurers too are feeling the pressure. For years, they relied on traditional risk models to calculate premiums, issue policies, and assume predictable loss patterns. But the landscape is changing. Rising claims, extreme weather events, and economic pressures are pushing the industry to a breaking point.

At the center of this crisis is a fundamental question: how does the industry adapt to a world with accelerating natural hazard risk? On this episode of Core Conversations, host Maiclaire Bolton Smith sits down with the co-founder of Wows Insurance to talk about this issue and what can be done to address this ongoing crisis.

In This Episode

2:46 – Why are insurers paying out more than they are taking in?

4:48 – What will happen to the housing market if insurance becomes too expensive or impossible to get?

6:52 – Are there alternative paths to providing insurance beyond the traditional avenues?

9:51 – How can governmental policy development and homeowner participation help improve insurance accessibility?

14:08 – Is it possible for insurance to remain a profitable business long-term?

17:10 – Erika Stanley does the numbers in the housing market in The Sip.

18:12 – How do you insure the value of a home long-term as the market continues to drive up prices?

22:26 – Comparing the 2024 and 2025 California wildfire season.

24:27 – In which other states is wildfire risk increasing dramatically?

26:43 – What does the future landscape of wildfire insurance look like?

Up Next: The Homes the LA Wildfires Left: A Hidden Insurance Crisis?

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Building Codes Cost. But What is Resiliency Actually Worth? Jun 12, 2024

Show notes

As the frequency and severity of natural catastrophes intensify, the need to strengthen the resiliency of communities against these perils is increasingly urgent. Building codes are a critical tool in this endeavor. However, their adoption and enforcement vary significantly across states. A recent report from the Insurance Institute for Business and Home Safety (IBHS) underscores the lack of uniformity in building code implementation among states vulnerable to hurricanes.

While some states, like Florida, have stringent codes that help to reinforce home resilience, other states like Texas grapple with disparities in code adoption, amplifying vulnerability to hurricane-related damages.

This divergent approach to building codes has far-reaching implications for disaster preparedness and response.

With the arrival of the 2024 hurricane season, understanding the intersection between building codes, community resilience, and climate change is key for entities developing mitigation strategies anchored in resilience.

To talk about the importance of building codes, address concerns regarding up-front costs versus long-term benefits, and discuss the success of stronger structures in weathering storms, Host Maiclaire Bolton Smith is joined by CoreLogic's Director of Catastrophe Response, Jon Schneyer.

In This Episode:

2:41 – Why are building codes so important, and how can older buildings be retrofitted to code?

6:18 – Examining one of the most famous examples of building codes in action.

8:04 – Erika Stanley goes over the numbers in the housing market in The Sip.

9:14 – Looking at the differences between Texas and Florida building codes, according to the IBHS report.

11:21 – Is mitigation through building codes a financially sound investment?

14:36 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.

15:41 – What could the inconsistent use of building codes in Texas mean if a strong hurricane hits the state this year?

17:52 – How is hurricane risk developing, and how can you understand your risk?

Up Next: SEC Climate Disclosure Guidance Timeline Pause: Why Companies Benefit

Links:

Why the US Mortgage System Is a Shield From Inflation Nov 15, 2023

Show notes

Ever wondered why the U.S. mortgage market offers 30-year, fixed-rate mortgages and what impact this unique loan offering has on housing prices? This is a question that host Maiclaire Bolton Smith and CoreLogic Professional Economist Thom Malone dive into during part two of this episode on the differences between the U.S. and international housing markets.

From the surprising benefits of the U.S. system for homeowners to the potential hazards in concentrating mortgage risk, this conversation explores the effects of inflation on housing prices, drawing connections to global trends. Stay tuned until the end for insights into if and where property markets will experience shifts in the upcoming months.

To continue the conversation and connect the dots between interest rates, inflation and housing prices, make sure to tune into Episode 60 as well.

In This Episode

1:04 – What are the advantages/disadvantages of the U.S.’s 30-year, fixed-rate mortgage system?
2:56 – How do interest rate increases affect housing prices in other countries?
5:46 – Are there specific U.S. markets where we’re seeing the potential for people to default on their mortgages?
8:20 – How does the national cycle of housing price change express itself? (Hint: like a waterfall)
10:50 – Are international markets seeing similar home price trends to the U.S.?
12:11 – Erika Stanley reviews natural catastrophes and extreme weather events across the globe.
13:51 – What can we expect to see from home prices in the next few months?

Links:

Up Next: Why US Property Retains Its Value Compared to Other Global Markets

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3zqhBZt

Does Low Wildfire Risk Create a False Sense of Security? Spoiler: Yes Sep 27, 2023

Show notes

Knowing the wildfire risk of a home is becoming increasingly important — both for homeowners and insurers. However, it is insufficient to simply know that there is a probability of a wildfire occurring at a certain property. It is imperative to understand the development of historic risks into current risks and how this score will evolve in the future. After all, low risk today does not mean no risk tomorrow.

While only about 9% of U.S. properties meet the threshold for high or extreme wildfire risk, it is worth questioning why wildfires are creating increasingly large damage figures for homeowners and insurers. In short, climate change, where homes are built, and their construction type all play a role.

However, that is not the full story.

Understanding how risk scores are created, what a property’s risk score actually means, and knowing how to promote mitigation — even among homes that qualify as low risk — are essential strategies for maintaining safety in environments that are experiencing prolonged and more frequent wildfire seasons than usual.

In this episode, host Maiclaire Bolton Smith sits down with CoreLogic Chief Actuary Howard Kunst to talk about wildfire risk, how to use a risk score to map those potential threats, and what different actions insurers can take based on the score.

In this Episode:

2:14 – How do we calculate wildfire risk?

3:25 – How are these scores used and why are they different than probabilistic models?

7:04 – How long is a risk score valid, and why is it wise to annually evaluate risk scores across a property portfolio?

8:52 – What are the thresholds for low, medium and high risk? Why are nearly all U.S. properties low risk?

12:08 – Erika Stanley goes over the numbers in the property market with The Sip.

13:15 – Why are low-risk areas like Maui, Hawaii seeing wildfire events that cause widespread devastation?

Links:

Up Next: Can Wildfire Mitigation Stop the California Insurer Exodus?

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3zqhBZt

Can Wildfire Mitigation Stop the California Insurer Exodus? Aug 23, 2023

Show notes

More and more people live in high wildfire-risk areas across the United States. In fact, according to CoreLogic’s 2023 Wildfire Risk Report, California, Colorado and Texas lead the nation in the number of at-risk homes and their total reconstruction cost value. The influx of people into these areas means that there is continued demand for insurers to provide coverage, even though climate change is increasing the potential for and the severity of these wildfires.

While some insurance companies have elected to no longer write new policies in California – a state that is particularly burdened by wildfires – there are opportunities to reduce risk both for homeowners and for carriers. Mitigation is a major component.

Mitigation is not just a trend but a long-term solution. When individuals, governments and insurers work together to create a buffer around a community by fortifying structures and removing potential sources of ignition, CoreLogic and Milliman showed that these efforts could correspond to a 55% reduction in the average total premium (not including reinsurance costs).

In part two of this Core Conversations episode, host Maiclaire Bolton Smith talks to Senior Product Manager Jamie Knippen about how preparedness for a hazard through education and mitigation is the key to creating resilience for individuals, communities, governments and the insurance industry.

In This Episode:

0:51 – What is the advantage of using models to determine wildfire risk?

1:46 – CoreLogic and Milliman studied how significantly mitigation would have affected the outcome of the fire in Paradise, California.

4:19 – How did CoreLogic and Milliman get involved in this study?

6:13 – How can understanding a view of future risk rather than looking at historic wildfire events improve outcomes?

6:52 – Erika Stanley goes over the Natural Disaster Digest

7:53 – Adopting probabilistic models: the when, why and how.

8:50 – What is the future of wildfire insurance across the U.S.?

Links:

Up Next: How Will Property Data Help Manage the California Insurance Crisis?

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3zqhBZt

Welcome Back to Season 3 of Core Conversations: A CoreLogic Podcast Jan 11, 2023

Show notes

Curious about what Season 3 of Core Conversations has in store for listeners? Host Maiclaire Bolton Smith has a few fun ideas for next year. Listen in to find out what to expect starting January 25, 2023.

Weathering the Storm: Will Hurricane Ian Upend the Florida Insurance Landscape? Oct 19, 2022

Show notes

As one of the worst hurricanes to make landfall in the U.S., Hurricane Ian was undeniably a catastrophic event. Its sweeping winds and heightened storm surge wreaked havoc on both the lives and property of Florida citizens. However, the insurance industry in the Sunshine State is also facing significant ramifications from the force of this storm, and only time will tell whether this event will change the face of Florida property and catastrophe insurance.

If you would like to know more about Hurricane Ian or are interested in following our hazard response in real-time visit hazardhq.com.

In this episode:

Hurricane Ian and hurricane season overview (3:58)
A comparison of Hurricane Ian to other historical storms (6:11)
Loss estimates for Hurricane Ian review (7:53)
What is the difference between an insured loss and economic loss? (11:22)
Is this hurricane a market-changing event? (14:32)
What happens to the homeowner if an insurance claim cannot be paid? (16:19)
Reconstruction cost values estimates (17:33)
What have we learned from these storms? What will future hurricanes look like? (20:20)

Understanding Weather Risk: The Consequences Will Blow You Away Sep 21, 2022

Show notes

While most people know that carrying homeowners’ insurance is critical, few are aware of the extent to which climate change influences policies – after all, no two properties are created equal. Similarly, investors are often in the dark when it comes to the effects of changing weather patterns on pieces of property. To help lessen the confusion on this subject, the U.S. government is working to require publicly traded companies to put specific guidelines in their disclosures, so that investors will have more insight into weather events that might potentially negatively impact a portfolio of properties.

In this episode, host Maiclaire Bolton Smith sits down with George Gallagher, who is a principal account executive at CoreLogic, to discuss how climate change impacts the risk factors against which homes are insured. Additionally, the pair discuss recently released SEC guidance that is intended to enhance and standardize climate-related disclosures for properties.

Follow along at HazardHQ.com for an up-to-date analysis of climate-related catastrophes.

What the Hail is Going on This Spring? Apr 13, 2022

Show notes

At CoreLogic, one of the areas we keep close tabs on is

how weather and climate affect property as this can directly affect not only

homeowners but also insurers. While the CoreLogic Hazard HQ team keeps tabs on

an assortment of catastrophic weather events, one of the costliest but least

talked about is hail. And spring is hail season here in the U.S.

Host Maiclaire Bolton Smith sits down with meteorologist

and Senior Leader Curtis McDonald to answer some questions such as how much

damage does hail inflict and how is this damage measured? How rampant is

insurance fraud resulting from hailstorms? What can we expect from this year’s

hail season?

Monitor current climate catastrophes and see in-depth analysis at hazardhq.com.

How Do We Create Opportunity for the Future? Nov 11, 2020

Show notes

In this episode, Core Conversations host Maiclaire Bolton Smith sits down with Kagan Coughlin, co-founder of Base Camp Coding Academy in Water Valley, Mississippi.

The academy is a hands-on, tuition-free program that seeks to train students to be software developers within 12 months, and in a time where the cost of higher education is increasing, Kagan describes how the program opens doors to students who may have otherwise not had the opportunity--and how this program is a model for how the rest of the country can think about higher education in rural America.

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