Home Insurance Prices Surge in Massachusetts as Climate Change and Inflation Create 'Perfect Storm' for Homeowners

Climate change and inflation are causing home and condo insurance prices to increase significantly across Massachusetts. Premiums are up 25%+ over 2 years.

Insurers are getting more risk averse, dropping coverage for properties even moderately close to water or with older systems.

Reinsurance firms have hiked rates up to 50%, passing costs to consumers. This is affecting even inland areas now.

Inflation exacerbates the situation, making rebuilding more expensive after storms. Extreme weather is also becoming more damaging due to climate change.

The tightening insurance market is stressful for homeowners, hurting resale values and causing conflicts like in Florida where police had to be called to a chaotic meeting.