The report details how average premiums on homeowners insurance rose 8.7% faster than inflation from 2018 to 2022, highlighting rising costs across the nation.
Consumers in the highest climate-risk areas paid $2,321 in premiums on average—82% more than those in the lowest risk ZIP codes, emphasizing regional disparities in costs.
The higher risk of climate threats has led to increased policy nonrenewal rates in high-risk ZIP codes, showcasing a troubling housing insurance environment.
Secretary Janet Yellen emphasized the report's significance given ongoing tragedies like the wildfires, underscoring the real and immediate impact of climate change on insurance.
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