Leah Zlatkin quoted on Storeys: ‘How Climate Change is Affecting Property Insurance, Mortgages, and Buyers’

https://storeys.com/how-climate-change-effects-property-insurance-mortgages-home-buyers/

Aside from the property insurance delay, mortgages can also be affected by worsening climate change because mortgage lenders will often require a property appraisal before you’re approved, and may require additional appraisals in the event of extreme weather events.

“Lenders want to confirm that the property is still worth what they project it to be worth, and in a situation where you’ve purchased a home and something traumatic happens to the property, the appraisal may come in low or not insurable at all”, Leah Zlatkin, LowestRates.ca expert and licensed mortgage broker, told STOREYS. “Lenders may no longer want to provide a mortgage if the appraisal is reduced.”