FLAT ROCK: US citizens are facing steep increases in home insurance premiums as climate-related disasters become more frequent across the United States, including in regions once considered relatively safe. Tony Dunn, 69, moved from California to the mountains of North Carolina after losing his home in the deadly 2018 Camp Fire wildfire. But six years later, Hurricane Helene devastated his new community, pushing his homeowners&rsquo; insurance premium up nearly 30 percent to about $4,400 annually. &ldquo;It was a bit of a shock when we got the insurance bill last year,&rdquo; Dunn told AFP. Despite the rising costs, Dunn says going without insurance is not an option after insurance payouts helped him and his wife rebuild after the California wildfire. Increasing insurance costs Experts say insurance costs are climbing not only in coastal states such as Florida, but also across inland regions increasingly exposed to flooding, hailstorms, and extreme weather. In Henderson County, North Carolina, average homeowners&rsquo; insurance costs rose 86 percent between 2018 and 2024, according to researchers Benjamin Keys and Philip Mulder. Nationwide, premiums increased 58% over the same period. Scientists say climate change is intensifying hurricanes and other extreme weather events. A 2024 study by the World Weather Attribution network found that climate change worsened conditions linked to Hurricane Helene. North Carolina resident Dee Dee Buckner, whose home was destroyed in flooding caused by Helene, said rising insurance costs are becoming difficult to manage. &ldquo;If they go up any higher, I can&rsquo;t,&rdquo; she said. Buckner said she now carries only a limited homeowners&rsquo; insurance policy, while her flood insurance costs have risen to more than $1,700 annually. Most standard US homeowners&rsquo; insurance policies do not cover flood damage, requiring separate flood insurance coverage. Researchers say insurers are also facing higher reinsurance costs as climate risks grow, contributing to rising premiums for homeowners. Economist Sarah Dickerson of the Kenan Institute of Private Enterprise said climate-related losses are no longer confined to traditionally high-risk areas. &ldquo;Climate-related losses are impacting all parts of the state,&rdquo; she said.

Climate

Rising climate-related disasters across the United States are driving a sharp increase in homeowners’ insurance costs, leaving many families underinsured and struggling financially as extreme weather affects both coastal and inland regions.

Articles tagged with "Insurance"

Climate disasters drive sharp rise in US home insurance costs

Climate disasters drive sharp rise in US home insurance costs