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