The Rising Cost & Difficulty Of Getting Homeowners Insurance
Reasons behind surging homeowners insurance prices and difficulty in getting insured across the country: Climate change: increases in frequency and severity of weather events.Rising repair/rebuilding costs, surged 55% between 2019 and 2022.The cost to insure new home customers in California is far higher than the price they would pay for policies due to wildfires, higher costs for repairing homes, and higher reinsurance premiums (up by 30% to 40%).Hurricane risk is part of Florida and Louisiana’s problem.Reinsurers have lost money for the last five years.Homeowners insurance premiums are up by...