Home insurance costs soaring as climate-related events surge, Treasury Department says

A Treasury Department report has revealed that insurance costs for homeowners in areas affected by natural disasters are rising due to increased damages from severe events.

Between 2018-2022, 84 disasters caused $609 billion in damages, leading to premiums in high-risk areas averaging 82% more than in low-risk areas.

Insurance premiums have increased 8.7% faster than inflation, with nonrenewal rates and claims also higher in these regions, CNBC has reported.

read more: https://www.cnbc.com/2025/01/16/home-insurance-costs-soar-as-climate-events-surge-treasury-dept-says.html

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