Homeowners insurance has surged by an average of 11.3% nationwide in 2023, with states like Texas and Arizona witnessing even higher jumps, emphasizing rising costs.
Insurers are grappling with the challenge of balancing competitive pricing while adequately covering evolving risks, leading to bankruptcy for several property insurers and growing concerns among policyholders.
Jean de Vaucleroy of Swiss Re suggests that despite premium increases, U.S. insurance remains underpriced, causing insurers to adjust coverage and terms to reflect actual risk.
Many homeowners feel unsettled as insurance costs rise faster than inflation due to a combination of rate increases, reduced coverage options, and stricter conditions.
#homeowners-insurance #insurance-rates #construction-costs #risk-assessment #insurance-industry-trends
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