Home Insurance Crisis: Premiums Skyrocket as Climate Risks Leave Millions of Homeowners Uninsured
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Home insurance is becoming increasingly unaffordable and unavailable due to climate change and extreme weather. Many homeowners are seeing massive premium increases or getting dropped by insurers.
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The home insurance crisis is especially acute in places like Louisiana and California that face high climate risk. But rates are rising across the country.
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Unable to get private coverage, more homeowners are turning to state-backed "insurers of last resort," where they pay much higher premiums.
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Inflation, high rebuilding costs, and rising reinsurance rates are also driving up homeowners' premiums nationally.
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Over 6 million U.S. homeowners now go without any home insurance coverage, representing $1.6 trillion in uninsured assets. More uninsured homes are expected without climate adaptation and insurance oversight.