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Search resuls for: "Michael Monaghan"


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Washington, DC CNN —The storms pummeling California this week hit a part of the US already being battered by a home insurance crisis. With insurers strained by climate change and inflation, many are demanding higher premiums, making it much harder to find affordable (or any) home and fire insurance. But it is not just California; homeowners in other areas prone to weather events like Florida, Louisiana, and Texas are also facing challenges. Meanwhile, in hurricane-battered Florida, Farmers Insurance deemed it too risky to continue insuring homes and pulled out of that market entirely. “This isn’t just climate change, it is climate-change-plus,” Bach said.
Persons: , Amy Bach, United, Michael Monaghan, Sellers, you’ve, Jennifer Branchini, Bach, Hurricane Andrew, ” Bach, mitigations Organizations: DC CNN, Allstate, Farmers Insurance, Coldwell, California Association of Realtors, National Oceanic, Atmospheric Administration, Hurricane, FAIR, California Department of Insurance Locations: Washington, California, Florida , Louisiana, Texas, San Francisco, California’s, Golden State, Florida, Vermont, Colorado, Pleasanton, United, “ Florida, Louisiana
Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely. The average cost for homeowners’ insurance in the United States is about $1,820, according to an analysis by NerdWallet, but there are many variables. As climate risks continue, a standoff has developed over who should pay the cost of insuring homes against ever-growing risks. And for many of the properties that are on the market you can’t obtain insurance? “We’ll have to see some creative solutions in the near term to create that competitive marketplace for insurance,” she said.
Persons: Michael Monaghan, Sellers, , ’ ” Monaghan, , Monaghan, Will, Amy Bach, United, Hurricane Andrew, ” Bach, mitigations, Bach, Jennifer Branchini, Branchini Organizations: DC CNN, Coldwell, Allstate, . Farmers Insurance, National Oceanic, Atmospheric Administration, NOAA, Hurricane, FAIR, California Department of Insurance, California Association of Realtors, State Farm, Farm, Locations: Washington, California, Bayside, , Florida, Monaghan, United States, , San Francisco, “ Florida, Louisiana, WUI, Pleasanton
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