It’s been a rough ride for home insurance customers.
This summer, major insurer Allstate announced an average 34% rate hike in California, while State Farm was approved for a similar rate increase.
With major turmoil in insurance markets, thousands of homeowners are seeing their premiums skyrocket, while other households are simply being dropped from policies — even as they’ve become increasingly vulnerable to climate-related factors like wildfires and hurricanes.
More frequent and extreme weather events have contributed to jacked-up operating and infrastructure costs for insurance companies, particularly in coastal areas like Florida and historically low-risk states.
Insurance Premiums Spike as Natural Disasters Strike. What Homeowners Can Do
