Insurance Costs Spike Amid Surge In Natural Disasters

A new Treasury report reveals a stark reality in home insurance: premiums in high-risk areas are averaging $2,321 - that's 82% higher than in lower-risk regions. With 84 billion-dollar disasters causing $609B in damages from 2018-2022, insurance costs are outpacing inflation by 8.7%.

From California's wildfires to Florida's hurricanes, these events are reshaping insurance accessibility nationwide. The Southeast is seeing 20% more claims than average, while the Southwest faces nonrenewal rates 23.5% above the national average.

Understanding your property's risk profile and insurance coverage has never been more crucial. If you own a home or are planning to buy one, now's the time to review your policy details, coverage limits, and potential vulnerabilities. These shifting patterns affect not just insurance costs but overall property ownership strategies.