Frequent weather catastrophes, induced in part by climate change, are bearing down on homeowners and would-be buyers.
Here's how consumers can navigate the home insurance market amid increasing climate-driven weather risks:The home insurance market disruption is going to get worseThings are likely to get worse for homeowners and would-be buyers.
Also in June, Farmers Insurance became the latest insurer to pull out of Florida, a market that's been roiled with turmoil for many years.
Policyholders should expect to pay moreThe average cost of homeowners insurance nationwide is $2,777 a year, with rates varying by state, according to Insurance.com, a consumer comparison service.
Already, some homeowners are choosing to roll the dice on ownership without insurance rather than pay increasing premiums.
Persons:
Hurricane Ian, Idalia, Ian —, John Dickson, David A, Sampson, —, George Hosfield, Rich Sorkin, Stephen Bennett
Organizations:
Global, Aon, American, Casualty Insurance Association . Insurance, LexisNexis, Allstate, Farmers Insurance, Jupiter Intelligence
Locations:
Pine, Hurricane, Matlacha , Florida, Florida, California, Cuba, Oklahoma, Hawaii, Arkansas, Louisiana , Nebraska , Iowa , Kansas , Oklahoma , Illinois, Kentucky, Tennessee