Climate change is increasingly affecting home insurance costs, driving up rates across the country. As extreme weather events like wildfires, hurricanes and floods become more frequent and intense, insurers are grappling with higher risks and more expensive claims. As a result, some insurance companies have had to raise premiums significantly to stay above water — while others have stopped offering coverage in certain high-risk areas. As a result, homeowners are facing more challenges in finding affordable insurance, with many turning to state-backed programs or opting to reduce their coverage in an effort to manage costs.
Want to learn more? Explore these two articles from The New York Times, both of which do a great job synthesizing the reasoning behind these rising costs.
o https://www.nytimes.com/interactive/2024/07/08/climate/home-insurance-climate-change.html
o https://www.nytimes.com/interactive/2024/05/13/climate/insurance-homes-climate-change-weather.html