2024 Will Likely Be the Hottest Year on Record: What Homeowners Should Know

Those still recovering from the icy temperatures of late November’s arctic blast might find themselves happy to be enjoying some relative warmth — and perhaps a little less concerned about the consequences of a warming world.

But according to the National Oceanic and Atmospheric Administration (NOAA), 2024 is on track to be the world’s hottest year in the organization’s 175-year record.

Although December’s data has yet to be recorded and factored in, the global surface temperature between January and November was 2.3 degrees Fahrenheit (or 1.28 degrees Celsius) higher than the 1901-2000 average.

Which is to say, cold snaps aside, climate change is still underway — with serious potential consequences for everyone on Earth, both financial and otherwise.

Even as temperatures drop in the short term, the world is warming

Frigid winter temperatures can make "global warming" sound like a joke, especially while you’re chipping your car out of ice or paying your heating bill.

But NOAA’s data is pretty clear: Every year since 1977 has seen an above-average global surface temperature, with a trend line climbing upward. Indeed, according to the organization, 2023 was the hottest year on record so far.

In fact, some scientists think that global warming could actually be partially to blame for colder temperatures — especially when they show up in normally temperate regions.

One hypothesis holds that Arctic warming can disrupt the polar vortex, a band of powerful and freezing winds that encircle the North Pole. These disruptions can cause colder-than-normal air to travel further south than it otherwise would, resulting in events like the 2021 winter storm in Texas that claimed almost 250 lives.

Climate change has also been blamed for the worsening impact of storms, including an increase in major weather events causing $1 billion or more in damage. Hotter-than-usual climates have also brought a resurgence of mosquito-borne illnesses to parts of the United States.

How warming weather can impact your wallet

For homeowners, climate change is playing a major role in securing what is often their most valuable asset.

In the wake of increased damage from wildfires and hurricanes, homeowners insurance policies in disaster-prone areas have skyrocketed or been withdrawn completely. Many have been forced to self-insure their property.

While regular maintenance can help homeowners avoid some types of damage — and therefore filing claims that can cause your insurance premiums to rise even higher — unprecedented weather events can have unprecedented consequences.

This means that shopping around for the homeowners insurance policy with the best coverage for the lowest price may be well worth the extra time it takes.

In addition, understanding exceptions to your policy — such as earthquakes or flood damage — can help ensure you avoid a nasty surprise at an inopportune time. Many of these "acts of God" can be covered by additional policies or riders.

Finally, for homeowners who are serious about getting ahead of the potential impacts of climate change, it may be worth considering a move: Some states are likely to see greater effects than others.