September 30, 2023

Extreme weather raises insurance rates

 Axios -  About 12 million properties may see premium hikes because of the risk of flooding ... nearly 24 million because of potential wind damage ... and 4 million because of wildfire risk, Axios' Brianna Crane writes from estimates by First Street Foundation, a climate data nonprofit.  Many homeowners may struggle to manage higher costs, raising the risk of mortgage defaults. And some insurers are pulling out of high-risk areas.  Insurers are changing how they factor climate and extreme weather risks into the premiums they charge for coverage, while some are suspending coverage altogether.


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