The year 2025 will witness transformative changes in the real estate market due to rising personal home insurance rates, linked to escalating claims costs and increasing property values.
Insured losses in the first half of 2024 reached $62 billion, illustrating a significant increase of 70% above the 10-year average, forecasting higher insurance rates.
In high-risk areas, homeowners can expect insurance premiums to climb by 15% in 2025, particularly for catastrophic peril coverage which may surge by 20%.
Insurers are retreating from markets due to rising costs, leading to increased policy non-renewals and leaving consumers with fewer options, impacting their financial readiness.
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