Since 2021, at least 6 million policy holders across the country have seen rate hikes to their property insurance policies, according to a new report from environmental advocacy group Climate Power. Insurers have also canceled at least 1.4 million policies in that time. One big reason is the worsening climate crisis, which is driving more and more instances of extreme weather. Inflation, labor shortages, and supply chain issues are also factors, as they drive up the costs to rebuild a home.
As weather disasters become more and more frequent, the home insurance system feels broken for Americans across the country. Now, the advocacy nonprofit Consumer Reports is trying to implement a " homeowners insurance bill of rights " to codify baseline protections across all 50 states. According to a survey from the group, homeowners have seen their insurance rates climb-like Sierra in North Carolina, whose insurance spiked 43% last year, with her provider citing the "increased regional weather risks" as well as Hurricane Helene's impact specifically.