US home insurance bills to hit $2,500-a-year
in 2024 due to climate change but as much
as $12,000 in worst-hit areas - how much
will it be in YOUR state?
Daily Mail (UK),
by
Tilly Armstrong
Original Article
Posted By: Imright,
4/2/2024 8:13:33 AM
US home insurance rates will hit a record high this year, according to grim new forecasts.
The typical annual premium will rise to $2,522 by the end of 2024, according to insurance comparison platform Insurify - up 6 percent on a year before.
This projected increase for 2024 comes on the back of a 20 percent hike over the last two years. This has largely been driven by escalating natural disasters, insurers pulling out of certain areas - which cuts down on competition - and higher fees for home repairs. Soaring costs mean home insurance is becoming increasingly unaffordable for many Americans - with many opting to forego
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Reply 1 - Posted by:
franq 4/2/2024 8:29:54 AM (No. 1690969)
Good grief. Is nothing beneath the DM?
16 people like this.
Reply 2 - Posted by:
Dodge Boy 4/2/2024 8:30:32 AM (No. 1690970)
Tilly, you are very young, ignorant, and obviously not from here. Allow me to 'splain. Not all of us in America own homes in areas where tornadoes and hurricanes are common. And as for people who have lost their homes due to forest fires, just keep in mind, that in many of these cases, the fires were made a whole lot worse by very poor to non-existent forest management by state and federal agencies - why? The tree huggers know why.
43 people like this.
Reply 3 - Posted by:
Dodge Boy 4/2/2024 8:35:52 AM (No. 1690975)
And by the way, Tilly, my homeowners insurance has not increased at all in several years.
18 people like this.
Reply 4 - Posted by:
chance_232 4/2/2024 8:36:57 AM (No. 1690976)
Here’s why insurance has gone up.
1. Property values have skyrocketed
2. Construction prices have skyrocketed
3. Materials have skyrocketed
It costs a MINIMUM of 30% more to fix or replace stuff. Period, full stop.
48 people like this.
Reply 5 - Posted by:
Venturer 4/2/2024 8:48:59 AM (No. 1690982)
Has anyone bought a piece of plywood lately?
Whoa.
31 people like this.
Reply 6 - Posted by:
Strike3 4/2/2024 8:49:21 AM (No. 1690983)
Somebody is stupid enough to build a five million dollar home on a cliff top above the ocean and when it slides down into the water, it's climate change. People build homes along major rivers and when the inevitable flooding occurs, it's climate change. Multiple grass and forest fires are deliberately started by green activists to punish people for living and, you guessed it, climate change.
34 people like this.
Reply 7 - Posted by:
plomke 4/2/2024 8:58:46 AM (No. 1690990)
"Climate Change".
You kid has diaper rash = "Climate Change".
Hang nails,gout,the heartbreak of psoriasis and night sweats,all of it due to "Climate Change".
We really,really need to publicly slap these stupid and ignorant fools down.
And when we do,we get sued in a jurisdiction of corruption that reinforces the stupidity of "Climate Change".
Its almost like there is tons of money being made off of stupidity and ignorance...
20 people like this.
Reply 8 - Posted by:
jeffkinnh 4/2/2024 8:59:52 AM (No. 1690992)
All the references to climate change are lies.
The sea level is not rising any faster than it has been for decades.
Overall, the rate of tornadoes and hurricanes is NOT increasing overall, although we can certainly have annual fluctuations.
A significant contributor to the problem is, both the density and cost of housing is skyrocketing. When there is a storm, more houses are likely to be damaged and those houses are likely to be more expensive homes. Those factors are included in the actuarial costs and it raises rates. Guess what? If your home is now worth $3M instead of $2M the insurance is going to go up as well. High density areas are going to have a higher damage rate and if you live in one of those areas, you will pay more.
One question to ask is, "Are the costs for expensive and high density homes being passed on to ALL homeowners?". If the answer is "Yes", that is NOT justified. High cost/risk homes should be in their own risk pool and pay commensurate costs.
18 people like this.
Reply 9 - Posted by:
czechlist 4/2/2024 9:04:29 AM (No. 1690994)
My house/home is worth 10X its original cost and I am not a bit surprised that I am paying 10X the original insurance premium.
13 people like this.
Reply 10 - Posted by:
czechlist 4/2/2024 9:06:40 AM (No. 1690996)
Allow me to amend and replace "worth" with appraised or valued
12 people like this.
Reply 11 - Posted by:
LC Chihuahua 4/2/2024 9:08:07 AM (No. 1690998)
Blame it on inflation and I will believe it. FJBiden! The article is propaganda.
13 people like this.
Reply 12 - Posted by:
Marzipan4 4/2/2024 9:15:08 AM (No. 1691004)
#2. Just a wee bit callous. We have lived in the same wooded area in Oregon for over 30 years. There’s was a tremendously destructive fire south of us , Paradise fire type destruction. Oregon last year labeled a map with extreme risk areas in red using jumbo markers. Our neighborhood is a Firewise community, annually creating safer home defensible spaces and incorporating our local fire department suggestions. yet my neighbors just had their Allstate policy cancelled unrenewable. People who live surrounded by water features were labeled red. I feel the insurance companies, like our government is running rampant and raping their customers in the lawless guise of disaster/ inflation.
11 people like this.
Reply 13 - Posted by:
Calamity Kate 4/2/2024 9:16:19 AM (No. 1691006)
$2500 in '22. $4500 in '23. $7500!!!! for 24!! Zero claims, no flood zone in Houston area. Car insurance also has doubled in 3 years, zero claims. Shopped around and was able to cut everything by %50. It's insanity.
15 people like this.
Reply 14 - Posted by:
reefdiver 4/2/2024 9:21:47 AM (No. 1691009)
Insurance cost has also risen for rental properties so renters will feel the increase as well.
5 people like this.
Reply 15 - Posted by:
Jethro bo 4/2/2024 9:28:02 AM (No. 1691014)
So they blame the increase on 'climate change' and not of Bidenomic's inflation. How convenient!
17 people like this.
Reply 16 - Posted by:
chagrined 4/2/2024 10:24:15 AM (No. 1691037)
Yeah, I can see insurance companies taking advantage of a situation, whether "human induced climate change" (guffaw), or the price of everything going up where they can maybe get a little more from people (wink, wink). The latter mainly being bidenflation.
HOWEVER! As far as forest fires in particular, environmental whacko weenies have made things decidedly worse across the western U.S. Of course, California, Oregon, and Washington are leading the charge in the idiotic forestry regulations department, which has been going on for decades.
3 people like this.
Reply 17 - Posted by:
Rumblehog 4/2/2024 10:39:08 AM (No. 1691042)
Most insurance companies are dropping coverage in Florida and Texas due to the annual hurricane/tornado damage repairs. Now we see that "Big Insurance" is adopting "climate change" as their boogeyman to justify massive increases and/or policy cancellations.
1 person likes this.
Reply 18 - Posted by:
DVC 4/2/2024 10:40:54 AM (No. 1691044)
BS headline. "Climate change" isn't happening, so it cannot be an actual factor.
11 people like this.
Reply 19 - Posted by:
Gordon Mills 4/2/2024 11:50:43 AM (No. 1691096)
My home owner insurance hit that number last year. And I live in rather modest residence. They do it because they can. What're you going to do, jump around? In the long run that will cost you. At renewal time I do check rates but a few dollars savings is not worth lack of service.
4 people like this.
Reply 20 - Posted by:
JHHolliday 4/2/2024 12:01:21 PM (No. 1691104)
As a retired insurance agent, #4 is correct in my opinion. SloJoe's inflation has driven repair costs sky high. You also higher shipping costs driving everything else up. The companies aren't in this for fun. If they can be profitable in a certain line, the rates will stay level. If not, they will either raise rates or pull out of that market entirely. Another factor is the re-insurance market. I haven't see the figures but I am guessing those rates have shot up too. Small and medium sized companies use the reinsurance to cap a catastrophic loss. Much like a bookie hedging his bets. Didn't mean to rattle on but I spent almost fifty years in the insurance business and, like others, have wondered where the author learned basic economics if at all.
6 people like this.
Reply 21 - Posted by:
john56 4/2/2024 12:22:39 PM (No. 1691116)
I don't know where you live, but I noticed that my homeowners and auto policies jumped considerably in the past year (no claims on either). I also serve as a Treasurer for a non-profit group and our insurance premiums for our organization (liability and vehicle) have increased substantially in the past year.
Let's Go Brandon! I'm sure that the rampant crime has a lot to do with it.
3 people like this.
Reply 22 - Posted by:
virbots 4/2/2024 1:19:16 PM (No. 1691137)
Insurance rates are regulated. I suspect the increase is due to a combination of inflation (so claims costs go up) and max rates finally being lifted by regulators in response to insurance companies threatening to leave the state(s) in question.
But global warming is listed as the reason instead because it is the cause of everything bad.
2 people like this.
Reply 23 - Posted by:
GrandmaP 4/2/2024 1:41:42 PM (No. 1691141)
As of this month, my mortgage payment went up by >$100/month due to both property tax and homeowner insurance. Doesn't that stink....
3 people like this.
The sky is falling, the sky is falling say all the communist chicken littles.
0 people like this.
Reply 25 - Posted by:
Mcscow sailor 4/2/2024 4:09:23 PM (No. 1691191)
Roofing has doubled. Construction materials, up 25%. Construction labor rising faster than cpi, which in turn has blown up by gov spending. Supply chain shortages. Diminished insurance competition.
Yep, let’s blame it all on climate change…as if climate change and not gov misfeasance is responsible for construction cost growth
2 people like this.
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