Insurers are now confronted with extreme weather events happening more frequently and at greater intensity, which influences their risk assessments and policy decisions for coverage.
Homeowners in catastrophe-prone areas are facing premium increases of over 100%. Many are now compelled to explore alternative risk management strategies due to these financial pressures.
Record-breaking storms and wildfires, along with the overall rise in claim costs, have forced insurers to reevaluate their policies and significantly raise premiums.
Insurers have reported average increases of 20% to 40% in homeowners' insurance costs in recent years, with exacerbated rises in claims linked to natural disasters.
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