As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.
Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies.
AdvertisementAlso important to note is that flood coverage often isn't included in standard homeowners insurance policies.
Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home.
For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.
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