Finding an affordable home in a red-hot real estate market is already a tremendous feat. And now, in addition to rapidly rising prices, home buyers are increasingly worried about another factor: climate change. According to Zillow, more than 80% of home buyers considered climate risks - including flood, wildfire, and hurricane - when shopping for a house.
Climate change complicates the homebuying process by sending home insurance premiums skyrocketing. As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.
The national average cost of home insurance is $2,285 a year for up to $300,000 of dwelling coverage. But in high climate-risk states such as Nebraska, Florida, and Oklahoma, average annual premiums range from $4,835 to $5,655.
If you're looking to purchase a house in these high-risk markets, here's what you need to know about rapidly rising home insurance rates. As climate change exacerbates the frequency and severity of natural disasters, homes are at higher risk of damage.
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