Due to climate disasters, inflation and an increase in auto accidents and thefts, many people are facing a crisis of affordability with home and car insurance.
“Sheer panic.” That’s what Teddy Mars of Louisiana felt when his homeowners insurance company didn’t renew his policy in early 2023. The last remaining option left him and his family paying more for homeowners insurance than their mortgage.
Mars’ story is becoming all too familiar among Americans as climate catastrophes tear through the country with greater frequency and ferocity. Combined with inflation and an increase in auto accidents and thefts, many people are facing a crisis of affordability with home and car insurance.Homeowners are stuck between a rock and a hard place A recent NerdWallet survey found that about 3 in 5 people with homeowners insurance say their premium has risen over the past 12 months.
“It’s a bloodbath,” says Dori Einhorn, owner of California-based Einhorn Insurance, which specializes in wildfire insurance. “I’ve never seen anything so awful.” Einhorn is referring to the growing number of insurers no longer writing policies in the Golden State. “As long as global warming persists, I don’t see how this is going to stop.”
After Harlan signed the papers to lease a 2023 Kia Seltos, she received new policy documents from her insurer. “I was in absolute shock,” Harlan recalls feeling after discovering she was paying much more for her new policy than she was for her last vehicle.
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