Natural disasters, such as hurricanes, are intensifying due to climate change, leading to skyrocketing home insurance premiums and impacting homeowners across the country.
Homeowners saw a 20% increase in home insurance costs from 2021 to 2023, and 2024 is expected to bring even more price hikes due to severe weather events.
The combined losses from Hurricanes Milton and Helene could reach $55 billion, pushing many insurers towards insolvency, which results in higher premiums for homeowners.
As natural disasters worsen and related property damages increase, insurers may refuse coverage, resulting in dwindling competition in the insurance market and soaring premiums.
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