Record Heat Drives Up Utility and Insurance Costs for Households
• 2023 was the hottest year on record, resulting in higher utility bills and home insurance costs for many households • July and August 2023 were the hottest two months ever recorded • Higher temperatures led to increased electricity usage for air conditioning, causing higher utility bills • Climate change has increased incidents of natural disasters like wildfires and floods, raising home insurance premiums • Mitigating climate change is critical to avoid more extreme impacts, in line with the Paris Agreement goal of limiting warming to 1.5°C