""When you have these big catastrophes, it's not just that insurers have to pay out a lot of plans, it's that they're all happening fast. It creates extreme financial risk for insurers.""
""Insurance companies dropped hundreds of thousands of customers who live in areas vulnerable to hurricanes and wildfires, leading to forecasts of a broader market failure in disaster-prone states.""
""The average American homeowner's insurance bill rose 12 percent last year, reaching $2,948 per year, and will rise another 4 percent this year, outpacing overall inflation.""
""Insured losses from natural catastrophes in the U.S. averaged $100 billion a year between 2023 and 2025, up from an annual average of around $15 billion per year a decade earlier.""
Homeowner's insurance in the U.S. is becoming increasingly expensive, with average bills rising 12% last year and projected to rise another 4% this year. Factors contributing to this trend include the increasing frequency of climate disasters, the value of homes, rebuilding costs, and homeowner credit scores. Insured losses from natural catastrophes have surged to an average of $100 billion annually from 2023 to 2025, significantly higher than the $15 billion average a decade ago. Experts warn of potential market failures in disaster-prone states.
Read at Nonprofit Quarterly | Civic News. Empowering Nonprofits. Advancing Justice.
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