U.S. home insurance rates increase as climate change worsens disasters

posted by mike kraft on Wed, 2024-11-20 09:21

Americans face an insurability crisis as climate change worsens disasters – a look at how insurance companies set rates and coverage Insurance costs are rising quickly across much of the country. Hurricanes are part of the reason, but it’s the other perils common across the Midwest and Great Plains that complicate costs. Andrew J. Hoffman The Conversation

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According to S&P Global Market Intelligence, homeowners insurance increased an average of 11.3% nationwide in 2023, with some states, including Texas, Arizona and Utah, seeing nearly double that increase. Some analysts predict an average increase of about 6% in 2024.

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