And the options are more limited.”Ĭonsumers can take steps to lower their insurance premiums. The coverage is getting more restrictive. “The home insurance market is getting more expensive. Though certain areas are more at risk for the effects of climate change, “this is a national issue,” said Douglas Heller, director of insurance for the Consumer Federation of America, a nonprofit advancing consumer interests. On average, nationwide, premium home insurance rates increased roughly 21% in that time frame. And Farmers Insurance has stopped writing new homeowners policies in hurricane-prone Florida to “effectively manage” risk exposure, according to a statement from the company.įlorida and Texas – two states disproportionately affected by climate change – saw home insurance premiums increase 57% and 40%, respectively, since 2015, according to data from data and analytics provider LexisNexis Risk Solutions. Insuring a home isn't as easy as it used to be.Īllstate and State Farm are no longer providing coverage to new customers in California, citing rising costs and wildfire risks. Watch Video: Weather events could impact your home insurance rates.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |