The increasing frequency and severity of hurricanes are forcing insurance companies to raise rates and withdraw from high-risk areas, leaving homeowners with limited options and soaring costs.
Severe hurricanes are becoming more common, prompting insurance companies to raise rates or stop doing business in high-risk areas. This leaves homeowners, particularly those with mortgages requiring insurance, increasingly reliant on expensive state-backed programs. The issue is worsening as extreme weather impacts insurance policies nationwide. Americans in hurricane-prone states have faced frequent severe storms.
These storms result in devastating costs, with some homeowners abandoned by private insurers and facing exorbitant premiums. This adds to the challenges of an already strained housing market. Experts warn that without action, some areas could become uninsurable. The continued reliance on fossil fuels and greenhouse gas emissions is accelerating this trend toward an uninsurable future. Residents of hurricane-prone states are acutely aware of this, having experienced nearly a decade of costly storms since 2016. With every storm, insurance costs increase. Homeowners insurance rates have risen an average of 38.6% in Gulf Coast states over the last five years, according to S&P Global Marketing Intelligence
HURRICANES INSURANCE RISING COSTS CLIMATE CHANGE EXTREME WEATHER
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