Nearly 200 science professors from colleges across Iowa recently supported the Iowa Climate Statement. This statement warns that climate change is leading to increased insurance costs. Over the past 40 years, the number of billion-dollar disasters in the region has more than doubled.
Dave Courard-Hauri, an environmental science professor at Drake University, explained that insurance helps share the financial risks in our society. However, as climate change raises the frequency and severity of extreme events, costs will likely increase for everyone.
Recent trends show Earth’s 10 hottest years have all occurred within the last decade, with 2024 expected to break records. Bill Gutowski, a meteorology professor at Iowa State University, noted that a warmer atmosphere holds more moisture. This can lead to longer dry spells, followed by intense rain, increasing the risk of flooding and erosion. Since the 1950s, the Midwest has seen about a 45% increase in extreme rainfall days. Gutowski pointed out that the added moisture makes storms more intense, especially in late spring and early summer.
Moreover, Courard-Hauri highlighted a troubling rise in hailstorms, which significantly impact insurance rates in Iowa. With rising costs, many insurance companies are cutting back on coverage for roofing. “When insurance becomes too expensive, it sends shockwaves through the housing market,” he remarked.
Peter Thorne from the University of Iowa added that farmers are particularly vulnerable to extreme weather. Federal crop insurance premiums reached $15.8 billion in 2024, with taxpayers subsidizing nearly $10 billion. However, this insurance only covers loss of crops that are already in the field. Farmers must seek additional coverage for damage to equipment and structures, which can be costly.
Experts recommend stronger building standards in Iowa to better protect homes from extreme weather. They reference codes like the International Residential Code as potential guidelines. Courard-Hauri said, “Building standards from 20 years ago may not be enough anymore.” Suggested updates include specific roofing materials and secure attachments to withstand stronger winds and hail.
Emma Stapleton, a research assistant professor at the University of Iowa, emphasized that homeowners should check with their insurance providers for potential incentives for using eco-friendly materials when rebuilding or repairing.
Finally, the scientists stressed that long-term solutions to rising insurance costs require a shift away from fossil fuels toward renewable energy sources like wind and solar. Federal policies play a crucial role in accelerating this transition.
Studies indicate that addressing climate change now can save future costs in disaster response and infrastructure repair. As Iowa faces these challenges, community awareness and proactive steps can help mitigate the impacts on both the environment and our economy.
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