Yahoo News wrote an article about the homeowners crisis in Florida. Here is the article, but we have summarized it below for you. Home Insurance price increases are happening all across the country. Some areas, like California, Florida and costal properties are really bad. Here in Western PA and the surrounding areas are not as bad thanks to lower risks of natural disasters and other factors. If you are interested in having us review your insurance for free, please call 412-444-4470 or complete the form below. For more from us on home insurance in PA, click this link.
- A growing trend sees homeowners, particularly in coastal and inland states, forgoing insurance due to soaring premiums following increased natural disasters.
- Rising ocean temperatures contribute to stronger hurricanes, leading to more frequent and severe claims, causing a 300% increase in home insurance premiums in Florida over the last five years.
- Climate change impacts across the U.S., such as wildfires in California and flooding in coastal and Midwest states, contribute to a nationwide home insurance crisis.
- The United States experiences 23 weather-related disasters in 2023 causing over $1 billion in damage each, affecting 35.6 million homes, with insurance costs expected to rise by 40% in Florida in 2023.
- Rising insurance rates exacerbate challenges for homeownership, particularly for younger individuals facing college debt, a competitive job market, and increased housing costs, making it harder for first-time homebuyers to enter the market.
An emerging trend sees homeowners, including Chicago native Steve Swanson, opting to forgo homeowner’s insurance, relying on self-insurance through personal rainy-day funds. This shift is driven by soaring premiums attributed to increased natural disasters, particularly in coastal and inland states. In Florida, rising ocean temperatures contributing to stronger hurricanes have led to a staggering 300% increase in home insurance premiums over the last five years. The broader impact of climate change, including wildfires in California and flooding in various regions, compounds a nationwide home insurance crisis, with 35.6 million homes at risk of more expensive or disappearing insurance policies as insurers withdraw from high-risk states.
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