Senate Budget Chairman Sheldon Whitehouse stated, 'What our new data reveal is that the failure to deal with climate change is also affecting whether families can even get homeowners insurance, which threatens their ability to get a mortgage, which spells trouble for property values in climate-exposed communities across the country.'
A recent study highlighted that the number of properties enrolled in California and Florida's insurers of last resort more than doubled between 2018 and 2023, reflecting the broader trend of increasing risk and fewer insurance options.
The findings show that the rate of homeowners losing their private insurance is not just limited to hurricane-prone states but has increased in places like Hawaii, North Carolina, and Massachusetts.
Despite efforts by policymakers and insurers to stabilize the market through new laws, the unpredictable rise of climate-fueled disasters poses an ongoing threat to homeowners across various states.
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