The increasing frequency and intensity of disasters like wildfires, hurricanes, and flooding along with the rising cost of rebuilding have resulted in many insurers dropping customers or hiking premiums.
Counties in Northern California and South Florida have witnessed among the highest rates of nonrenewals, with some experiencing a threefold spike between 2018 and 2023.
Homeowners are facing a stark new reality: they're losing their home insurance as major insurers continue to drop their customers amid escalating disaster risks.
Senate Budget Committee Chairman Sheldon Whitehouse reported nonrenewal data from 23 companies, indicating that the national scale of home insurance nonrenewals had not been fully understood.
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