Weather-related events in states like Texas, Colorado and Arizona are causing double-digit rate hikes for homeowners.
The increase in natural disasters isn’t just wreaking havoc on homes, but on homeowners insurance rates as well. Nearly 50% of homeowners are concerned about extreme weather and the effect it has on their homes, a Fannie Mae study found. Heat and excessive wind are two of the factors homeowners are especially concerned about. Geographic location plays a major factor in the type of weather homeowners are most concerned about.
Homeowners insurance rates have been steadily rising for just about every state in the country. Rates rose 11.3% nationally in 2023, according to S&P Global Market Intelligence. Certain states are worse off, seeing rates rise by over 50%. Texas has faced the highest increase in rates. From 2018 to 2023, homeowners insurance rates rose 59.9%, Realtor.com reported.
Allstate pulled some of its homeowners insurance policies from California back in 2022, citing more frequent claims, largely due to an increase in natural disasters, mainly wildfires. The company said it had become too expensive to operate in the state. Now, Allstate is considering returning to California, a local California news station reported. The company will only return if the department of insurance agrees to new rule changes.
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