Though certain areas are more at risk for the effects of climate change, “this is a national issue,” said Douglas Heller, director of insurance for the Consumer Federation of America, a nonprofit advancing consumer interests.
On average, nationwide, premium home insurance rates increased roughly 21% in that time frame. And Farmers Insurance has stopped writing new homeowners policies in hurricane-prone Florida to “effectively manage” risk exposure, according to a statement from the company.įlorida and Texas – two states disproportionately affected by climate change – saw home insurance premiums increase 57% and 40%, respectively, since 2015, according to data from data and analytics provider LexisNexis Risk Solutions. Insuring a home isn't as easy as it used to be.Īllstate and State Farm are no longer providing coverage to new customers in California, citing rising costs and wildfire risks.
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