Since 2017, premium rates are up 11.4 percent on average because of supply chain issues and climate change.
Porfilio said insured damage from tornados, hurricanes, severe storms, wildfires and other natural disasters has reached $82 billion this year, bringing the total from 2017 until now to more than $400 billion.“Climate risk is continuing to put pressure on all things weather-related,” Porfilio said. “We are seeing more severe hurricanes, more severe wildfires and the science isn’t as clear on tornado events in terms of whether they’re changing in frequency or not.
“After a natural disaster, a widespread incident, [there is] a demand surge … where you have costs that spike because the demand spikes in the immediate aftermath,” Collins said. “So, the normal cost to reconstruct, to replace, suddenly changes. An extended replacement cost endorsement, which is optional, gives you an extra cushion for that demand surge specifically.”
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