Key Points

• Flood, wildfire, hurricane, and subsidence exposure are being translated into measurable price and insurance impacts rather than remaining abstract future risk.
• UK evidence points to lower sale prices, higher rebuild gaps, and growing mortgage loss projections in flood- and subsidence-prone areas.
• US evidence shows homeowners insurance premiums and reinsurance costs rising fastest in high-risk regions, with property values and municipal finances affected as well.
• Insurance affordability and availability are becoming a transmission channel from physical climate hazard to household financial stress.
• Mortgage lending, remortgaging, and saleability are emerging as weak points where climate risk affects households before direct physical damage occurs.
• Policymakers are responding with incremental insurance and modeling reforms, but the material exposure of new and existing housing remains unresolved.