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<ul class="summary-list"><li>EV-related ads this election cycle are 75% negative and mostly in Michigan, <a target="_blank" href="https://www.evpolitics.org/news/ev-political-advertising-in-the-2024-election-cycle/">an analysis found.</a></li><li>Republicans claim EVs will cause massive job losses and only benefit China.</li></ul>Republicans are flooding Michigan with attacks on electric vehicles, warning they will only benefit China and spur massive job losses in the swing state.Former President Donald Trump during recent campaign events in Michigan <a target="_blank" href="https://www.youtube.com/watch?v=yv35JiI3XMc">said an "EV mandate"</a> would cost hundreds of thousands of US auto jobs and <a target="_blank" href="https://www.youtube.com/watch?v=9vDqenog400">the industry would be gone from the state</a> within a few years because China would take all the business. Mike Rogers, a Michigan Republican running for Senate, made similar <a target="_blank" href="https://www.youtube.com/watch?v=bb638Gwe5Yw">warnings in a debate this week</a>.Political strategists told Business Insider that the anti-EV messaging was drowning out positive ones in Michigan, putting Democrats on the defensive in a critical battleground. The <a target="_blank" href="https://projects.fivethirtyeight.com/polls/president-general/2024/michigan/biden-trump/">latest polls indicate</a> Trump and Vice President Kamala Harris are neck-and-neck in Michigan, with Trump gaining ground over the past few months. While EVs aren't a major issue for American voters writ large, they've been a hot-button issue in Michigan, given the state's long legacy of auto manufacturing and skepticism among union workers."Republicans are winning a few points on it," said Mike Murphy, a longtime GOP strategist who founded the EV Politics Project, a group that supports EVs and seeks to end the partisan divide.Murphy said the attacks were frustrating because the Biden administration's investments in electric vehicles under the Inflation Reduction Act had helped spur dozens of new EV and battery manufacturing plants in Michigan and were already creating jobs."We've run some advertising trying to make the massive surge of new EV manufacturing at jobs in Michigan famous, because nobody knows about them," Murphy said. "The Biden administration has not done a good job of telling that story."The vast majority of EV-related ads this election cycle have been negative — or 75% of the $15.5 million spent so far, <a target="_blank" href="https://www.evpolitics.org/news/ev-political-advertising-in-the-2024-election-cycle/">an analysis commissioned</a> by Murphy's group found. About 70% of the ads mentioned an "EV mandate" or "gas-car ban," and most of the spending was in Michigan.There is no mandate or ban, however. The Biden administration is incentivizing a switch to EVs through tax breaks and stricter limits on tailpipe pollution. Environmental Protection Agency <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">officials said in March that its vehicle emissions standards</a> could be met if 56% of new car sales were electric by 2032, a huge jump from 7% today, and hybrids accounted for about 13% sales. Gas cars would also have to be more efficient.Meanwhile, Trump and Rogers' claims of massive job losses due to the EV transition have been debunked by outlets including <a target="_blank" href="https://www.politifact.com/factchecks/2024/oct/18/mike-rogers/michigan-senate-candidate-mike-rogers-uses-faulty/">PolitiFact</a> and <a target="_blank" href="https://www.washingtonpost.com/politics/2024/10/22/trumps-crazy-false-ad-claiming-massive-layoffs-among-auto-workers/">The Washington Post</a>.The conservative think tank <a target="_blank" href="https://americafirstpolicy.com/issues/ban-on-gas-powered-cars-would-eliminate-nearly-200000-auto-manufacturing-jobs">America First Policy Institute</a> estimated that a complete ban on gas-powered vehicles could cost nearly 200,000 US auto jobs — and 37,000 in Michigan — because EVs require less labor. But that analysis didn't account for jobs created by new EV and battery manufacturing plants popping up across the country.More than 30 new projects have been announced in Michigan since 2022, the business group <a target="_blank" href="https://e2.org/wp-content/uploads/2024/10/E2-BW-Clean-Economy-Works-_2024-Economic-Impact-Report-FINAL_10152024.pdf">E2</a>, which advocates clean energy policy, found. These projects could support 32,500 construction jobs and 8,400 jobs at the plants.The United Auto Workers has endorsed Harris. The union's president, Shawn Fain, <a target="_blank" href="https://www.reuters.com/world/us/uaw-chief-slams-trump-over-threat-revoke-ev-investments-2024-10-10/">earlier this month blasted</a> Trump and his running mate, Sen. JD Vance, over their pledges to end federal EV investments. Fain said the change would cost hundreds of jobs in Michigan and thousands more across states where EV and battery manufacturing plants are taking off. That includes major battleground states like North Carolina and Georgia. But rank-and-file UAW members during a strike last year <a target="_blank" href="https://www.eenews.net/articles/not-a-fan-uaw-workers-give-thumbs-down-to-bidens-ev-plan/">told POLITICO's E&amp;E News</a> that they were turned off by the EV transition, citing concerns about their jobs, the costs of EVs, and finding charging.China's dominance of the EV supply chain is another political lightning rod. A spokesperson for the Republican National Committee said the Inflation Reduction Act had been a boon for China. They pointed to<a target="_blank" href="https://www.wsj.com/articles/the-biggest-winners-in-americas-climate-law-foreign-companies-c672e09d"> Chinese-owned firms</a>, including<a target="_blank" href="https://www.azcommerce.com/news-events/news/2023/1/ja-solar-announces-first-us-solar-module-manufacturing-facility-in-phoenix/"> JA Solar</a>,<a target="_blank" href="https://solarbuildermag.com/news/longi-solar-panel-manufacturing-coming-to-ohio-via-invenergy-joint-venture/"> LONGi</a>, and<a target="_blank" href="https://wirepoints.org/emerging-scandal-why-are-we-giving-8-billion-to-chinese-company-with-ccp-ties-to-build-a-2-billion-il-battery-factory-wirepoints/"> Gotion</a>, that are building projects in the US and have collected <a target="_blank" href="https://www.wsj.com/articles/the-biggest-winners-in-americas-climate-law-foreign-companies-c672e09d">billions in tax breaks</a> from the Inflation Reduction Act. China also continues to supply the vast majority of EV batteries and the minerals inside them, the spokesperson said.Democrats are hitting back on Republicans' EV attacks, arguing that the US has to build its own domestic EV manufacturing base to compete with China. Otherwise, the US will cede its market share overseas."Everyone knows China is eating our lunch on these kinds of vehicles," Democratic Rep. Elissa Slotkin, who's running against Rogers for Senate, said during their debate this week. "Just go to Europe, they have 30% market share. Go to South America, 30% market share. America knows we haven't gotten it right when it comes to seeing the next generation of vehicles."

Republican EV attacks are flooding Michigan, putting Democrats on the defensive in a critical battleground

<ul class="summary-list"><li>Gov. Ron DeSantis urged EV owners to move vehicles to higher ground before Hurricane Helene arrived.</li><li>If an EV gets caught in flood waters, don't try to restart it, Tesla says.</li></ul>Ahead of <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">Hurricane Helene'</a>s arrival in Florida, Gov. Ron DeSantis urged electric vehicle owners to get their vehicles to higher ground."Be careful about that getting inundated," he said at a news briefing last week. "It can cause fires."Helene, which began as a <a target="_blank" class="" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">category four hurricane</a>, made landfall in Florida on Thursday before moving northward into Georgia, the Carolinas, and Tennessee.So far, it has killed at least 110 people, with hundreds more still missing. Around 2,000 people are still without power, according to the <a target="_blank" href="https://www.bbc.co.uk/news/live/crejvrzxgjpt">BBC</a>.Amid the chaos, DeSantis' warning over electric vehicles is warranted, experts told Business Insider — and there are things EV owners should do to keep safe.<h2 id="8e9aa090-3fa8-490d-8625-f1461ba5147f">What EV owners should do</h2>Tesla and the American Automobile Association (AAA) echoed DeSantis' advice to get to higher ground before any possible flooding.If an EV has already been submerged in water, <a target="_blank" class="" href="https://www.tesla.com/support/submerged-vehicle-guidance">Tesla</a> warns owners not to attempt to start their vehicle.Instead, it recommends safely towing or moving a vehicle at least 50 feet from buildings or combustible material after an authorized engineer has examined it.However, it should still be treated with caution. Once the water recedes, the damage caused by submerging an EV in water remains.Richard Bucknall, head of mechanical engineering at University College London (UCL), told BI that lithium batteries in EVs "can short circuit if flooded, especially in seawater, leading to immediate overheating and potential fire and explosion.""No road vehicle should be considered roadworthy after saltwater flooding, whether it's an EV or anything else," Haresh Kamath, director of distributed energy resources at the Electric Power Research Institute told <a target="_blank" class="" href="https://eu.usatoday.com/story/money/cars/2022/10/26/electric-vehicle-fires-florida-flooding-what-happened/10553207002/">USA Today</a> after Hurricane Ian hit Florida in 2022."If you've experienced saltwater flooding, you should not be driving or trying to drive or even start that vehicle. You shouldn't be getting into the vehicle."<h2 id="6415ca88-384b-4498-84a1-28fe02cd06a0">How big is the risk?</h2>The risks to EVs during flooding have been studied for several years, although stats are limited.According to the <a target="_blank" class="" href="https://apnews.com/article/hurricane-helene-electric-vehicles-fire-flooding-0284e2eb2accc0570361def4e963eda0">Associated Press</a>, Hurricane Ian compromised the batteries of as many as 5,000 EVs, with 36 catching fire.Lithium reacts violently with water and releases hydrogen gas in an exothermic reaction, with the gas catching fire. "Unfortunately, there is no such thing as a perfect container where violent storms are concerned so it isn't a surprise to me or other engineers [that they could catch fire]," said Bucknall.According to Tesla, the number of fires in electric vehicles is significantly lower than in petrol and diesel cars. It <a target="_blank" href="https://www.tesla.com/VehicleSafetyReport">found</a> that between 2012 and 2022, around one Tesla vehicle fire occurred for every 130 million vehicle miles traveled.By comparison, data from the <a target="_blank" href="https://www.nfpa.org/en">National Fire Protection Association</a> and the US Department of Transportation indicates that one vehicle fire occurs in the US for every 18 million miles traveled.Adam Wojcik, a professor at UCL's Department of Engineering, said that EVs are less likely to catch fire than petrol cars. However, in a situation that involves flooding and contact with saltwater, the risks are higher."The only way of setting petrol on fire is with a spark, and it's probably unlikely that you would get a spark in a situation that is not a crash or an accident," he told BI."But if water gets into EV batteries, that's a different matter altogether."<h2 id="71d2bbb3-6bf7-411d-9fdf-d62b21d9e69c">Demand for EVs is stalling in the US</h2><a target="_blank" rel="noopener" class="media-ui-Link_link-tVkXhPLPofs-" href="https://about.bnef.com/">Last year, BloombergNEF</a> <a target="_blank" class="" href="https://www.bloomberg.com/news/features/2023-11-07/the-57-trillion-ev-market-is-a-battleground-for-china-us-eu">forecast</a> the total value of all forms of EV sales will hit $8.8 trillion by 2030 and $57 trillion by 2050.President Joe Biden set a target of having EVs make up half of all new cars sold in the US by 2030. However, demand for EVs in the US is falling.Only 34% of US shoppers planning to buy a vehicle in the next two years say they're likely to buy an EV, down from a year earlier.That's according to EY's annual <a target="_blank" href="https://www.ey.com/en_us/newsroom/2024/09/us-consumers-less-likely-to-purchase-an-ev-than-last-year">Mobility Consumer Index</a>, which surveyed 20,000 respondents in 28 countries who said they were considering buying a new car in the next 24 months.As <a target="_blank" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">Business Insider previously reported,</a> this may be partly due to the fact that electric vehicle shoppers are now much more difficult to please than the enthusiastic early adopters of years past.Safety doesn't appear to be the main concern — at least for now. Around 24% of potential buyers cited range limitations as a top concern (and 23% said they were concerned about finding a place to plug in (down from 34%).

Ron DeSantis said EVs could catch fire if caught up in Hurricane Helene. Experts say he's right — and that you should take these steps to protect yourself.

<ul class="summary-list"><li>Rains from Hurricane Helene caused severe flooding in western North Carolina, devastating communities.</li><li>But less than 3% of properties in the state have flood insurance, leaving many unprotected.</li></ul>Torrential rains from Hurricane Helene wreaked havoc on western North Carolina last week, with flooding that has devastated local communities, <a target="_blank" class="" href="https://governor.nc.gov/news/press-releases/2024/10/01/rescue-relief-and-recovery-operations-continue-western-north-carolina">killed dozens in the state</a>, left many residents <a target="_blank" class="" href="https://governor.nc.gov/news/press-releases/2024/10/01/rescue-relief-and-recovery-operations-continue-western-north-carolina">without running water or power</a>, <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-hits-asheville-beer-microbreweries-north-carolina-floods-2024-9">uprooted businesses</a>, and destroyed homes.Rainfall collected by at least a dozen weather stations in the region, including near Asheville, reached their highest-ever 3-day totals during the event, ranging from nearly 13 inches to over 31 inches, <a target="_blank" class="" href="https://climate.ncsu.edu/blog/2024/09/rapid-reaction-historic-flooding-follows-helene-in-western-nc/">according to a report from the North Carolina State Climate Office</a>.<div type="image" title="image of flooded street in Asheville, NC" height="4708" width="7054" msid="113922495" hostid="261" sizebytes="2725582"></div>But only about 2.6% of the 4.3 million properties across the state — or around 115,000 properties — had flood insurance as of June 2024, according to private provider Neptune Flood Insurance, which analyzed data from the government-backed National Flood Insurance Program. And that's a 2.5% year-over-year coverage decrease from June 2023, Neptune said.North Carolina Department of Insurance communications director Jason Tyson estimated that about 139,000 properties in the state have flood insurance through the NFIP.Neither estimate includes private flood insurance. But the number of private flood insurance policies in the US is small compared to the amount of NFIP policies, according to a 2023 report from independent insurance <a target="_blank" class="" href="https://www.policygenius.com/homeowners-insurance/private-flood-insurance-vs-nfip/#:~:text=Most%20policies%20are%20provided%20and,and%20availability%20of%20additional%20coverages.">provider PolicyGenius</a>.The North Carolina Joint Information Center told Business Insider that it's still too early to provide estimates on the number of buildings damaged or the total cost of the damages.<div type="image" title="image of destroyed home" height="5504" width="8256" msid="113922496" hostid="261" sizebytes="5511238"></div>Federal disaster assistance does help people who lost their homes with mortgage payments, home loans, or bill payments. But without flood insurance, many homeowners may be left with a significant financial burden. Part of the problem with flood insurance is a common misconception that regular home insurance covers flooding, which is rarely the case, four experts knowledgable about flood insurance and disaster management told Business Insider."They just think that, 'Oh, yeah, I have insurance. I have homeowner's insurance. I have State Farm or whatever. That must cover it,'" Trevor Burgess, the President &amp; CEO of Neptune Flood Insurance, told BI. "And it doesn't. They have to buy a separate policy."Another factor influencing why so few people have flood insurance is that it's not required for everyone — only homes and businesses with government-backed mortgages in areas that are designated high-risk flood zones are <a target="_blank" class="" href="https://www.floodsmart.gov/am-i-required-have-flood-insurance">legally required to have flood insurance</a>."One of the biggest drivers of whether or not people get flood insurance is whether or not they're required to have it," Jeffrey Schlegelmilch, a research scholar and director of the National Center for Disaster Preparedness (NCDP) at Columbia Climate School, told BI."So if you don't live in one of these areas, one of these floodplains that trigger that, then a lot of people just simply don't get flood insurance," Schlegelmilch added.Margaret Walls, a senior fellow and director of the Climate Risks and Resilience Program at nonprofit research institute Resources for the Future, said that people also wrongly believe that if they're not in a high-risk flood area, then they're not at risk."It's not a lot of homes that are in those designated floodplains relative to the total number of homes, but there's still a lot of flood risks," Walls said. "And this is one of the biggest issues in the flood world is that the mapped areas where FEMA says you're supposed to have flood insurance policy are not the areas that are all risky. There are plenty of areas where you're at risk outside of those mapped areas."Walls explained that people don't understand their actual risks."They think that the map is telling them their risks," Walls said. "It's actually not. It's just telling them where they have to have a mandatory purchase of a flood insurance policy. But it's not saying that you're zero risk when you're outside of that area. And as climate changes happening, those risks are going up."And the areas devastated by flooding in western North Carolina were largely not considered to be high-risk flood areas. The State of North Carolina's Flood Risk Information System designates many of the counties in the region that were most affected by flooding after Helene as "minimal flood risk," <a target="_blank" class="" href="https://flood.nc.gov/ncflood/">according to a map on their website</a>."We almost always associate flood risk with hurricanes and coastal storm surge in Florida, Louisiana, and Texas," Jeremy Porter, who leads climate implication research at First Street, a public-benefit corporation that evaluates climate risk, told <a target="_blank" class="" href="https://apnews.com/article/climate-change-hurricane-helene-flooding-north-carolina-f49b2a6bf2b549473e0211f883332592">The Associated Press</a>. "We don't think of western North Carolina and the Appalachian mountains as an area that has significant flood risk."And the perception that a certain place is safe from flooding contributes to the problem, Schlegelmilch suggested."This is one of those things we look at areas like Asheville, North Carolina, that were thought of as climate havens, where people thought, 'Well, I'm going to escape the worst of climate change and I'm going to move there,'" Schlegelmilch said. "And unfortunately, this is just an important reminder that we cannot outrun this."Having insurance to protect your home and mitigate your financial risks is an important step, and more people need to take that precaution, Schlegelmilch said, a sentiment that Walls and Burgess also echoed.Yanjun Liao, an economist and fellow at Resources for the Future, added that people should be prepared for even unexpected flood events, like what happened in western North Carolina."I definitely think that a lot more people need flood insurance," Liao said. "Oftentimes even people who are living outside of the flood zones, the 100-year flood zones and sometimes outside 500-year flood zones, can face these kind of unexpected flood damage."Liao said that the cost of flood insurance can be burdensome, particularly for those who live in more disaster-prone areas. But the alternative may be even more costly: rebuilding after a devastating storm.

A majority of North Carolina homeowners didn't have flood insurance. Then Helene hit.

Big banks promised to protect the planet. Now they're doing an about-face.

How Chinese EV makers are slowly taking over the world

<ul class="summary-list"><li>The White House has announced it will impose tariffs on $18 billion of Chinese goods.</li><li>The new measures target Chinese electric vehicles, with those tariffs rising from 25% to 100%. </li></ul>Joe Biden has hiked tariffs on Chinese electric cars as he looks to protect the US auto industry from a <a target="_blank" rel="" href="https://www.businessinsider.com/cheap-chinese-electric-cars-will-upend-the-us-vehicle-market-2023-5">wave of cheap vehicles</a>.<a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/14/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices/">The White House</a> announced early on Tuesday that it was imposing tariffs on $18 billion of Chinese goods, including a 100% tax on Chinese-made electric vehicles.The new tariffs also target lithium batteries, solar cells, and semiconductors and are likely to inflame tensions between the two economic superpowers further.The rise in tariffs on Chinese EVs — from 25% to 100% — will probably be a relief for the US auto industry, which has become increasingly nervous about the prospect of competing with <a target="_blank" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">Chinese companies selling EVs</a> for much cheaper.The 25% tariff has largely made it too expensive for Chinese automakers to set up shop in the US.But Tesla rivals such as BYD, which <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">sells cars for as little as $11,000</a> in China, have been stepping up their plans to export to other countries as competition becomes increasingly brutal back home.Reports that BYD and its fellow Chinese automakers MG and Chery were planning to <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-byd-mg-plan-factories-mexico-washington-concern-2023-12">build factories in Mexico</a> sparked concern from US lawmakers, with several warning that the move could give them a "backdoor" to the US market.The latest round of tariffs, which also target steel, aluminum, and medical products such as face masks and respirators, don't go as far as those proposed by Donald Trump, who has said he'll introduce a <a target="_blank" href="https://www.cnbc.com/2024/02/04/trump-floats-more-than-60percent-tariffs-on-chinese-imports.html">60% tax on all Chinese imports</a> if elected president in November.

Biden announces a 100% tariff on Chinese EVs

<ul class="summary-list"><li>Further trade restrictions on China risk price increases and political backlash, Kenneth Rogoff said.</li><li>The US wants higher barriers to avoid another "China Shock," the Harvard professor wrote in Project Syndicate.</li></ul>Politicians who champion trade restrictions on China are in for a rude awakening, Kenneth Rogoff warns.According to the Harvard professor, barriers on free trade with the Asian powerhouse are a recipe for economic fallout. He sees the results being price increases in the US, as well as political backlash.That's because efforts to curb China's growing influence — although framed as an advantage for US workers — disrupt many of the free-trade gains enjoyed by Americans, Rogoff explained in <a target="_blank" href="https://www.project-syndicate.org/commentary/us-china-trade-war-will-hurt-american-consumers-by-kenneth-rogoff-2024-07">Project Syndicate</a>."While competition with Chinese producers has adversely affected some manufacturing jobs, free trade has undoubtedly created more winners than losers," he wrote. "Moreover, low-income US consumers have been among the biggest beneficiaries of low-cost Chinese imports."But in today's election cycle, higher barriers on China are a trending theme on both sides of the aisle.Just months ago, President Biden announced that tariffs would rise on $18 billion worth of Chinese advanced tech products, including solar panels, batteries, and <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">electric vehicles</a>.Donald Trump, the Republican candidate, has promised even steeper restrictions — while he would see a universal 10% tariff applied on all US imports, those coming from <a target="_blank" href="https://www.businessinsider.com/trump-economic-outlook-recession-inflation-china-tariffs-biden-president-election-2024-3">China could face rates as high as 60%</a>, he's pledged.The rising scrutiny is the byproduct of bad experiences from the past, Rogoff said: by raising restrictions, Washington is trying to avoid a repeat of the "China Shock.""The prevailing belief among policymakers is that the surge of Chinese imports into the US market during the 2000s hollowed out America's manufacturing base, making the kind of rapid military build-up that enabled the Allies to win World War II all but impossible," Rogoff wrote. He continued: "In US policy circles, the 'China Shock' is often portrayed as a massive error that devastated towns across the Rust Belt and led to a sharp increase in inequality."The opinion isn't limited to politicians, but has been voiced on Wall Street as well. After Biden's declaration of new tariffs in May, Nobel-winning economist Paul Krugman characterized the move as a US <a target="_blank" href="https://www.businessinsider.com/ev-solar-tariffs-china-shock-economy-property-trade-war-krugman-2024-5">refusal to take on another China shock</a>.But Rogoff warns that the alternative is also painful. Few global markets offer prices as low as China's, and the US still depends on China for important goods, such as medical supplies, he said.The country also has a massive lead in key industries, such as EVs. Plans to boost domestic production by blocking these imports will be extremely difficult to pull off, Rogoff argued.Consider also that tariffs are inflationary on their own, no matter the target. According to the nonpartisan Tax Foundation think tank, that's because <a target="_blank" href="https://www.businessinsider.com/trump-tariff-trade-policy-barrier-income-tax-rate-hikes-krugman-2024-7">higher import duties create a pullback in goods sold;</a> as supply shrinks, even domestic products get pricier.Still, Rogoff conceded that the US reaction is a response to Chinese provocations. In recent months, economists have called out China for flooding global <a target="_blank" href="https://www.businessinsider.com/us-china-trade-war-tariffs-economy-election-janet-yellen-manufacturing-2024-4">markets with advanced tech products</a>, a strategy Beijing is chasing to revive its own economy.But that doesn't justify stricter barriers, Rogoff warns. Instead, both the US and China need to find a compromise that will allow both nation's to grow sustainably.It's a sentiment shared by JPMorgan's chief Jamie Dimon, who separately called on Washington to embrace engagement with Beijing. Instead of conflict, <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-china-russia-trade-relations-us-biden-tariffs-taiwan-2024-5">tough competition should be touted</a>, he said in May.

The US battle against Chinese trade could hurt the Americans it's supposed to protect, Harvard professor says

<ul class="summary-list"><li>BYD is ramping up its quest for global electric vehicle dominance. </li><li>The Chinese EV maker has struck a deal to build a $1 billion factory in Turkey.</li></ul>BYD is ramping up its quest for <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">global EV dominance</a>.The Chinese EV giant, which <a target="_blank" href="https://www.businessinsider.com/ken-griffin-on-chinas-byd-ev-outperforming-elon-musks-tesla-2024-1">briefly overtook Elon Musk's company as the world's top seller of EVs</a> last year, has struck a deal to build a $1 billion factory in Turkey.According to a <a target="_blank" href="https://x.com/mfatihkacir/status/1810346388733022323">statement shared on X by </a>Turkey's minister of industry and technology, Mehmet Fatih, the factory is slated to begin production by the end of 2026 and will have capacity to produce around 150,000 vehicles a year.Business Insider contacted BYD for comment but didn't immediately hear back.It's BYD's second planned factory in Europe and could provide the company with a route around the punishing tariffs <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">the European Union imposed on Chinese EV firms</a> last month.Turkey is <a target="_blank" href="https://trade.ec.europa.eu/access-to-markets/en/content/eu-turkiye-customs-union">part of the EU's Customs Union,</a> and any BYD cars manufactured there could avoid the 17.4% additional tariff the EU slapped on BYD vehicles imported from China.BYD and its rivals are walking a fine line as they rapidly expand globally, even as Western governments <a target="_blank" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">launch crackdowns to try and protect their own auto industries</a> from a wave of cheap Chinese imports.Building factories and moving production locally may be one way to circumvent tough trade restrictions, though it's possible new rules will be established to prevent this. Plans by Chinese EV giants BYD, MG, and Chery to build factories in Mexico have <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-shut-out-of-us-target-mexico-brazil-2024-6">sparked concern among US officials</a> over fears they could be used as a "backdoor" into the US market.Philip Nothard, insight and strategy director at automotive consultancy Cox Automotive, told Business Insider that BYD's latest move was proof of the Chinese carmaker's ambitious plans for international and European investment."Although tariffs may create slight bumps in the road, the likes of BYD, Chery, and others have a strategy that means they can react swiftly to any challenges," he said."These moves are as much about supply chains, local resource efficiencies, and international growth as they are about tariffs," Nothard added.BYD's growing presence in Europe is another potential headache for <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.Tesla, which has a gigafactory in Germany, counts Europe as one of its most important markets — but the automaker, which imports certain models to Europe from China, has also been hit by the EU's China crackdown and warned earlier this year that <a target="_blank" href="https://www.businessinsider.com/tesla-could-come-out-on-top-eu-tariffs-chinese-evs-2024-6">prices of the Model 3 in Europe could rise</a> as a result.Tesla is locked in a global struggle for sales with BYD, with a recent report from <a target="_blank" href="https://www.counterpointresearch.com/insights/bev-sales-10-million-2024-hybrid-growth-surpass-bevs-ice-decline/">auto research firm Counterpoint</a> indicating that Tesla is set to be overtaken by its Chinese rival as the world's largest seller of EVs later this year.

Beware, Elon Musk — BYD just took its next step toward world domination

<ul class="summary-list"><li>Salisbury Beach residents pooled funds for a sand dune to protect their homes from coastal erosion.</li><li>But "king" high tides washed away half of the human-made dune after only three days.</li></ul>Residents of Salisbury Beach, Massachusetts spent over half a million dollars on a last-ditch effort to save their homes from <a target="_blank" href="https://www.businessinsider.com/flooding-is-a-growing-concern-for-us-coastal-cities-2015-7">flooding</a>. But after just three days, the sea had washed most of their Hail Mary away.The project, organized by the community nonprofit <a target="_blank" href="https://www.sbcfc.org/">Salisbury Beach Citizens for Change</a>, built a human-made sand dune along the beach to block floodwaters from <a target="_blank" href="https://www.businessinsider.com/north-carolina-rodanthe-beach-house-collapses-into-ocean-coastal-erosion-2023-3">reaching homeowners' properties</a>. It took four weeks to build, used 15,000 tons of sand, and cost residents $600,000 out of their own pockets.<div type="image" title="salibsury beach homes" height="1500" width="2000" msid="108597562" hostid="261"></div>What sparked the initiative was a series of <a target="_blank" href="https://www.businessinsider.com/incredible-pictures-king-tides-show-the-risks-of-climate-change-2020-2">"king" tides</a> that have slammed Salisbury Beach since January, Tom Saab, president of SBCFC told Business Insider. King tides are exceptionally high tides cresting at over 10 feet tall, according to Saab.Two back-to-back storms in January swelled the tide to over 14 feet, eroding the beach significantly. "The properties got killed," Saab said. <a target="_blank" href="https://www.businessinsider.com/beach-house-collapse-ocean-zillow-twitter-zestimates-2022-5">Homeowners sustained damage</a> to their decks, stairways, they even had water in their living rooms, he said.<div type="image" title="flooded Salisbury street" height="1500" width="2000" msid="108597579" hostid="261"></div>To make matters worse, the storms swept away the natural dunes that protected the <a target="_blank" href="https://www.businessinsider.com/personal-finance/why-not-buy-waterfront-property-climate-change-experts-2019-8">beachfront properties</a>, leaving them even more vulnerable to the next inevitable king tide.The homes that line Salisbury Beach are worth about $2 billion in total property value, Saab said. And the beach itself is a popular tourist destination that attracts roughly one million visitors each year.All in all, this one-square-mile beach pays for 45% of Salisbury's taxes, he said. Losing it would bankrupt the town. And in that case, the State of Massachusetts would have to bail them out."That's why it's important, and it behooves the State of Massachusetts to continue to help protect Salisbury beach," Saab said.In the wake of those January storms, SBCFC reached out to the State for help, but <a target="_blank" href="https://www.businessinsider.com/outer-banks-north-carolina-climate-change-2014-11">officials made no promises to invest in coastal protections</a> for Salisbury Beach. So, the nonprofit and local residents filed an emergency action to build a human-made barrier dune themselves.The group raised over half a million dollars in donations from residents and trucked in enough <a target="_blank" href="https://www.businessinsider.com/where-does-beach-sand-come-from-2013-7">sand</a> to fill 3.75 Olympic-sized swimming pools to replenish the beach. They completed the project on March 7.But then, the tide rolled in again.This video posted on the <a target="_blank" href="https://www.facebook.com/people/Salisbury-Beach-Citizens-for-Change/100069973786556/">SBCFC facebook page</a> shows the final stages of construction for the Salisbury Beach human-made dune.On March 10, a <a target="_blank" href="https://www.businessinsider.com/airlines-cancel-flights-noreaster-winter-storm-strikes-2024-2">Nor'easter</a> sent a 13-and-half-foot tide barreling up the beach. By the time the water receded, half of their dune had washed away. "The $600,000 we put there got clobbered," Saab said. "We lost $300,000 of sand."But thanks to <a target="_blank" href="https://www.businessinsider.com/teen-died-sand-dune-collapsed-north-carolina-beach-hole-2023-5">the dune</a>, their homes were protected. While its swift collapse marks a major financial loss for homeowners, it doesn't mean the project was a failure, Jens Figlus, a coastal engineer and associate professor at Texas A&amp;M University, told BI.In fact, he thinks this dune did exactly what it was supposed to. If it hadn't been there, homeowners would likely be <a target="_blank" href="https://www.businessinsider.com/hurricanes-maria-michael-florence-irma-harvey-recovery-photos-2019-9">picking up the leftover pieces of their damaged homes</a>. The dune saved them.<h2>How human-made dunes protect coastal communities</h2>As climate change raises sea levels and increases storm frequency, <a target="_blank" href="https://www.businessinsider.com/ai-flood-prediction-save-lives-climate-change-2023-12">seaside homes face increasing risk</a>. Coastal engineers, like Figlus, are tasked with finding ways to protect them.<a target="_blank" href="https://www.businessinsider.com/oyster-shell-recycling-new-orleans-louisiana-restaurants-slow-coastal-erosion-2021-8">Engineered sand dunes</a> are one solution. "They're basically trying to mimic the natural feature that occurs on many beaches," Figlus explained.Dunes work as a buffer between on-land infrastructure and the ocean. When beaches erode, coastal homes lose this natural protection. That's where human-made dunes can fill in. They replace what was lost and <a target="_blank" href="https://www.businessinsider.com/santa-cruz-california-is-threatened-by-accelerating-sea-level-rise-2018-10">take the hit from rising seas</a> so that homes don't have to.<div type="image" title="diagram of beach nourishment" height="441" width="480" msid="108597581" hostid="261"></div>"The dune is a sacrificial construct," Figlus said. When storms hit and tides swell, they'll erode the dune instead of <a target="_blank" href="https://www.businessinsider.com/oyster-shell-recycling-new-orleans-louisiana-restaurants-slow-coastal-erosion-2021-8">destroying the front deck or foundation of your home</a>, he explained.That means that over time, every engineered dune washes away, just like this one on Salisbury Beach. In that sense, "A dune eroding under a storm like this did its job, because if the dune weren't there, <a target="_blank" href="https://www.businessinsider.com/photos-show-sea-encroaching-on-rodanthe-north-carolina-beach-town-2023-3">it would be the houses</a>," Figlus said.How quickly that happens is a different question.The fact that a heavy storm occurred only three days after the Salisbury dune was built is "tragic," Figlus admitted, but totally out of the residents' control. If this recent storm hadn't destroyed the dune, another one eventually would have.Is it worth it to invest $600,000 in sea level protection that could disappear in a matter of days? That's up for communities to decide, Figlus said. "You get to a point where <a target="_blank" href="https://www.businessinsider.com/florida-surfside-champlain-condo-collapse-climate-change-resilience-development-underwater-2021-7">it may not be economically feasible</a> to put millions of dollars in front of a few homes and watch it wash away."<div type="image" title="Beach front property damage on Salisbury Beach after the March 10 storm." height="1500" width="2000" msid="108597583" hostid="261"></div>But he still believes that human-made dunes are a <a target="_blank" href="https://www.businessinsider.com/we-need-move-people-away-from-coast-warns-scientist-2018-9">coastal homeowner's best defense against rising seas</a>. "They're basically buying time," he said. "That's still our best option."Saab agreed. But he believes the funding shouldn't come from the pockets of coastal homeowners, it should come from the State. Nevertheless, his repeated pleas to the state of Massachusetts to fund coastal adaptation projects for Salisbury Beach have gone unanswered."Our problem is that the state of Massachusetts refuses to help us out. It refuses to contribute any funds, and would rather see the beach collapse," he said.In lieu of funding <a target="_blank" href="https://www.businessinsider.com/oyster-shell-recycling-new-orleans-louisiana-restaurants-slow-coastal-erosion-2021-8">beach restoration projects</a>, the state is addressing the problem through beach access closures and communication with Salisbury residents, according to the Massachusetts Department of Conservation and Recreation."To ensure the safety of the public, DCR has closed access points 9 and 10 at Salisbury Beach after they sustained damage from the recent rainstorms," a DCR spokeswoman told BI in a written statement. "The Healey-Driscoll Administration remains in regular communication with representatives from the Town, the legislative delegation and the community and will continue to work with them to address the impacts of erosion at the Beach."<h2>Saving Salisbury Beach</h2>This week, Salisbury Beach residents met with environmentalists and members of the Massachusetts Department of Conservation and Recreation to formulate next steps.<div type="image" title="Salisbury beach on a busy summer day" height="527" width="800" msid="108597585" hostid="261"></div>Roughly 170 people gathered for the virtual meeting to plead with State officials <a target="_blank" href="https://www.businessinsider.com/florida-hurricane-ian-climate-change-adaptation-flooding-sea-level-rise-2022-10">to fund coastal protections</a> for Salisbury Beach, Saab said.In addition to funding future dune projects, they also discussed the possibility of permitting dredging along Salisbury Beach, which involves <a target="_blank" href="https://www.businessinsider.com/china-deploys-armada-of-sand-dredgers-carve-up-taiwans-coast-2021-6">harvesting sand from the ocean floor</a> and using it to replenish the beach. But currently, Massachusetts is one of the few East Coast states where dredging is illegal.Among other solutions that Salisbury Beach residents proposed was the use of "sand trap bags," which are essentially large plastic bags filled with sand that can be used to build a protective wall along the beach.But State officials made no promises to move forward with either of those proposals, Saab said. Now, SBCFC and local residents are targeting a different solution: planting dune grass. Seeding sand dunes with grass anchors sand in place, fortifying dunes against <a target="_blank" href="https://www.businessinsider.com/global-sand-shortage-2017-9">erosion from waves and wind</a>, according to <a target="_blank" href="https://climateactiontool.org/content/restore-natural-coastal-buffers-native-vegetation-buffers-and-plantings">UMass Amherst</a>.<div type="image" title="dune grass planting" height="2778" width="4182" msid="108597586" hostid="261"></div>"We're purchasing hundreds of bundles of dune grass, and we're going to start planting grass on what's left of our dune," Saab said. Both the funding and labor for this new project will come from Salisbury Beach residents.Not all of them are willing to chip in this time, though. Some residents simply aren't willing to invest more personal funds in <a target="_blank" href="https://www.businessinsider.com/santa-cruz-california-is-threatened-by-accelerating-sea-level-rise-2018-10">efforts to save the beach</a>, Saab said. But he won't be throwing in the towel any time soon."I'll never give up. We'll keep fighting — you've got to continue to protect your beach no matter what," he said.

Homeowners spent $600,000 on a Hail Mary to save their beachfront homes from flooding. The sand dune collapsed after 3 days, and saved the homes, but was it worth it?

<ul class="summary-list"><li>The EPA issued its strictest-ever tailpipe pollution limits for vehicles sold between 2027 and 2032.</li><li>The rule is more lenient than originally proposed after the auto industry and unions expressed concerns over the tight timeline.</li></ul>President Joe Biden is giving automakers more time to ramp up sales of <a target="_blank" href="https://www.businessinsider.com/hybrids-more-popular-than-evs-toyota-ford-tesla-cars-electric-2024-3">electric vehicles</a>, following pressure from the industry and labor unions concerned about a rapid transition to EVs.The Environmental Protection Agency on Wednesday issued the strictest limits to date on tailpipe pollution from cars, SUVs, pickup trucks, and vans sold between 2027 and 2032. In effect, the rules could boost EVs to up to 56% of new car sales — <a target="_blank" href="https://www.coxautoinc.com/market-insights/q4-2023-ev-sales/">a big jump from 7.6% in 2023</a> — while hybrids could account for about 13% of sales, according to senior administration officials.The final rule is more relaxed than <a target="_blank" href="https://www.epa.gov/newsreleases/biden-harris-administration-proposes-strongest-ever-pollution-standards-cars-and">a draft issued last year</a> that would have spurred faster growth in EV sales this decade and estimated they'd account for 67% of new car sales by 2032. The rules also outline how automakers can sell a mix of EVs, hybrids, and cleaner gas cars to fall within the pollution caps. The changes were based on feedback from automakers and labor unions that asked for more lead time and flexibility, senior administration officials told reporters.The compromise reflects Biden's attempt to combat the climate crisis with buy-in from industry and unions, especially during an election year. Cars are the single-largest source of greenhouse gas emissions. Still, the United Auto Workers worries that a rapid shift to EVs will cost jobs <a target="_blank" href="https://www.businessinsider.com/uaw-strike-inexorable-math-electric-vehicles-elon-musk-tesla-ford-2023-9">because EV manufacturing requires fewer assembly parts</a>. Biden's support from UAW has been a key part of his political coalition. Meanwhile, legacy automakers <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">are scaling back or delaying EV investments</a> as the market grows slower than investor expectations."These adjusted EV targets — still a stretch goal — should give the market and supply chains a chance to catch up," John Bozzella, president and CEO of the Alliance for Automotive Innovation, said in a statement. The group represents companies that make about 97% of the new vehicles sold in the US. "It buys some time for more public charging to come online, and the industrial incentives and policies of the Inflation Reduction Act to do their thing."<h2>Pacing EV adoption</h2>The tailpipe rules land as the EV market hits some bumps in the road.US automakers sold a record 1.2 million EVs last year, but there was a slowdown in the fourth quarter, <a target="_blank" href="https://www.coxautoinc.com/market-insights/q4-2023-ev-sales/">according to Kelley Blue Book</a>. That means the market still grew, just not as fast as previous quarters. The trend prompted companies like Ford and General Motors to scale back production, citing lower-than-expected demand from drivers worried about finding charging stations.That concern has led hybrids, which have both gas and battery power, <a target="_blank" href="https://www.businessinsider.com/hybrids-more-popular-than-evs-toyota-ford-tesla-cars-electric-2024-3">to gain popularity.</a>Still, analysts predict that EV sales will continue to push higher, thanks to newer models at more affordable prices and the continued build-out of charging stations. The average new car sells for around $46,000, while the <a target="_blank" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10#:~:text=a%20demand%20problem.-,They%20have%20an%20affordability%20problem.,costs%20over%20%2450%2C000%20on%20average.">average new EV costs closer to $50,000</a>, J.D. Power said. EV drivers also <a target="_blank" href="https://www.jdpower.com/cars/shopping-guides/are-electric-vehicles-worth-it">save money on gas and maintenance</a>."The United States has a history of meeting and exceeding these targets because of the broad appeal of fuel-efficient vehicles and electric vehicles being underestimated," Albert Gore, executive director of the Zero Emissions Transportation Association, which advocates for EV makers like Tesla and Rivian, told Business Insider. "We still believe the transition will take place on a shorter timeline."<h2>Less pollution, fewer deaths</h2>Even though the EPA is delaying a sharp uptick in EV sales, the final rule is still expected to avoid the same amount of pollution over the long term, the agency said.Some 7.2 billion tons of carbon dioxide emissions — or about four times the emissions of the entire transportation sector — would be avoided through 2055.Air pollutants like fine particulate matter and nitrogen oxide that cause smog would be drastically reduced by that date, preventing up to 2,500 premature deaths and reducing heart attacks, respiratory illnesses, and aggravated asthma, according to EPA.Research indicates <a target="_blank" href="https://www.businessinsider.com/recessions-mortality-degrowth-economy-gdp-unemployment-environment-pollution-2024-3">that less air pollution leads to longer lives.</a> Cleaner air was responsible for more than a third of the decline in mortality during the Great Recession as fewer people drove to work and factories closed.But some climate groups criticized the delayed EV timeline because that means the transportation sector will emit more pollution in the short term, causing the planet to warm faster.Scientists have warned that countries must slash emissions in half by 2030 to <a target="_blank" href="https://www.businessinsider.com/world-hottest-year-ever-history-climate-crisis-2024-1">keep the world from warming 1.5 degrees Celsius</a> above preindustrial levels. Beyond that threshold, extreme heat, wildfires, flooding, and other disasters will likely become increasingly catastrophic for humanity.Senior administration officials said the tailpipe emissions rule, combined with other climate policies like the IRA, will help the US cut emissions in half by 2030.

Biden slows his timeline for the shift to EVs in a compromise with unions concerned about jobs       

<ul class="summary-list"><li>Climate change is increasing the severity of natural disasters — and home insurance prices.</li><li>For those moving to a climate-risk state, there are some steps you can take to protect your home.</li></ul>Finding an affordable home in a red-hot real estate market is already a tremendous feat.And now, in addition to rapidly rising prices, home buyers are increasingly worried about another factor: climate change.According to Zillow, more than 80% of home buyers considered climate risks — including flood, wildfire, and hurricane — when shopping for a house.In particular, climate change complicates the homebuying process by sending <a target="_blank" href="https://www.businessinsider.com/climate-change-homeowners-insurance-premium-costs-crisis-skyrocketing-states-hurricanes-2024-10">home insurance premiums skyrocketing</a>. As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.According to Holden Lewis, a home insurance expert at NerdWallet, climate change is hitting states such as California, Florida, North Carolina, Tennessee, Virginia, Texas, Oklahoma, Kansas, and Nebraska the hardest — and wildly disrupting these states' home insurance markets.If you're looking to purchase a house in these high-risk markets, here's what you need to know about rapidly rising home insurance rates.<h2 id="4ca151ec-b6df-44db-821b-3b925503bc08">How to navigate the insurance landscape when moving</h2>As climate change exacerbates the frequency and severity of natural disasters, homes are at higher risk of damage. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies.According to financial data firm Bankrate, the national average cost of home insurance is $2,285 a year for up to $300,000 of dwelling coverage. But in high climate-risk states such as Nebraska, Florida, and Oklahoma, average annual premiums range from $4,835 to $5,655.It might seem obvious, one step homebuyers can take to avoid surprises is consider home insurance costs early in the homebuying process, Lewis said. As insurance premiums increase, they can materially impact your monthly housing payments and push a home out of your affordability zone.Prospective buyers shopping for homes in a new state are especially prone to insurance sticker shock, according to Lewis. For example, if you're thinking of moving from Ohio to Texas, you might not be aware that the average homeowners insurance rate in cyclone-prone Texas is $3,916 a year — $2,600 more than in Ohio, Lewis pointed out.Still, climate-risk states remain popular. According to <a target="_blank" href="https://www.uhaul.com/Articles/About/U-Haul-Announces-Top-Growth-States-Of-2023-30660/">U-Haul</a>, Texas and Florida received the highest influx of new residents in 2023.Many of these newcomers might not have done their homework on the home insurance market before moving to the state, according to Stephanie L., homeowner and lifelong Florida resident who asked not to use her full last name for privacy reasons.There's a lack of consumer awareness of the financial risk extreme weather brings, in Stephanie's opinion. "If you purchase a beautiful home on a river, you have to understand that with the way storms come in, you could be at risk," Stephanie told Business Insider in an interview.Even within climate-risk states, you can minimize your home's exposure to extreme weather and bring down insurance premiums by researching the local neighborhood.When Stephanie bought her house, she picked a location in the Jacksonville metropolitan area, which has less exposure to hurricane risk than other areas of the Sunshine state."We definitely looked for high and dry, not in a flood zone, and not in a hurricane evacuation zone," Stephanie said.Indeed, Jacksonville home insurance premiums are significantly lower than Florida's state average of $5,527, with homeowners paying an average of $2,705 a year for insurance according to Bankrate.Next, when it comes by a natural disaster, you want to ensure that the insurance policy can fully cover rebuilding costs. Many policies offer dwelling coverage limits in line with the market value of the house, but that's not always sufficient coverage, according to Lewis."The market value of the house the day before a fire or storm might be less than the actual cost to rebuild it to current building codes," Lewis said.For prospective homebuyers, Lewis recommends clarifying the dwelling coverage limit with the insurance agent and shopping around for available policies.Also important to note is that flood coverage often isn't included in standard homeowners insurance policies. This is an important consideration if you're looking to buy a house in an area prone to hurricanes."If water is rising, say from a river, or storm surge, then a standard homeowners policy will not cover that damage," Lewis said.Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home."I also have a separate flood policy even though I'm not in a floodplain," she said. "When you're not in a flood zone, flood insurance is pretty affordable."Although Stephanie isn't at high risk for flooding, she still wants to be prepared for the worst. It's not a bad idea to go the extra mile and purchase extra insurance when it comes to buying a home in Florida, even if you're not directly in a flood zone.In addition to hurricane-prone Gulf Coast states, regions like western North Carolina, eastern Tennessee, and southern Virginia are flooding hotspots, according to Lewis.Lastly, homeowners also should consider how inflation will drive up home insurance costs, especially as concerns over inflation loom high in today's economy. An inflationary environment will increase the cost of building materials and construction, Lewis pointed out.As a result, it may be a good idea to review your coverage every year or two to evaluate the status of your coverage, Lewis said."Talk to the agent, maybe even talk to a general contractor just to find out, 'Hey, am I still covered? Do I still have enough coverage to pay to rebuild this home?'" Lewis suggested.For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

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<ul class="summary-list"><li>EV fires are harder to put out.</li><li>Water damage can cause fires even after your car dries out.</li></ul>Car fires have always been dangerous and difficult for firefighters, but highly combustible chemicals in electric car batteries are <a target="_blank" href="https://www.businessinsider.com/tesla-crash-fire-lithium-battery-austin-more-water-than-regular-2021-8">posing new challenges</a>.Not unlike the gasoline tanks in internal-combustion engines, the enormous lithium-ion batteries used to power electric cars pose some <a target="_blank" href="https://www.businessinsider.com/tesla-megapack-battery-fire-burns-four-days-testing-australia-2021-8">significant fire risks</a>. But there are some key differences that make these fires harder to combat.One major difference is the possibility of what's referred to as a "thermal runaway," in which an EV battery falls into a cycle of overheating and over-pressurizing, causing fires and sometimes explosions. These powerful fires are plaguing <a target="_blank" href="https://www.businessinsider.com/cargo-ship-felicity-ace-fire-electric-vehicle-batteries-luxury-cars-2022-2">ships carrying EVs</a>, causing extensive damage to parking garages, and even leading to <a target="_blank" href="https://www.businessinsider.com/bolt-ev-recall-fire-chevrolet-gm-owners-parking-50-feet-2021-9">widespread recalls</a> in some cases.Even after an EV battery fire appears to be extinguished, lingering energy stored in the battery can cause these dangerous runaways."Even when it looks like pretty much a plastic tank on the ground, those batteries are made up of thousands of these small battery cells, and all it takes is one of them to reignite the fire," said Brian O'Connor, a technical services engineer for the National Fire Protection Association.O'Connor spoke with Insider this week to provide advice about what to do in the event of an electric car fire. Here's what he had to say.<h2>Don't start an EV after a flood</h2>If your electric car is flooded or drives through deep water, be sure to get it towed and checked by a mechanic before turning it back on, O'Connor said. Even after your car appears to have dried out, water stuck in the battery can still cause a short-circuit and start a fire, he said.O'Connor said this became a particular issue in Florida this year following <a target="_blank" href="https://www.insider.com/dramatic-videos-show-fort-lauderdale-underwater-after-flooding-2023-4">massive flooding from hurricanes</a>."After the flooding receded or dried out, people would say, 'Oh let me see if my car works,'" he said. "Because there was still water in the batteries, the vehicles short-circuited and started a fire."<h2>Get your battery checked after an accident, even if it's just a fender-bender</h2>Aside from water damage, damage sustained in a collision can also cause an EV to short-circuit and start a fire, O'Connor said. It's best to have your battery looked at by a professional after any kind of accident, no matter how minor."If a battery gets crushed at all, that can cause a short-circuit," O'Connor said. "It's hard to judge what level of accident can cause damage to the battery – a little fender-bender might do it, a big crash definitely will. It's always safer just to get it checked."<h2>Provide first responders with lots of information</h2>When you call 911 in the event of an electric-vehicle battery fire, it's best to provide the dispatcher and first responders with as much information about the vehicle as possible so they can effectively extinguish the fire.It is first important to be clear that it is an electric vehicle that is on fire, O'Connor said, and then to share the make and model information as first responders often have access to manufacturer response guides."There might be high-voltage wires that go through different parts of the car, the batteries might be located in different places – all these things help inform the first responders about how to best tackle the fire," he said.

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