Skyrocketing Premiums Are Hitting Homeowners Hard, But Barely Factor Into Inflation

Florida insurance crisis

Insurance rates have been climbing for a number of reasons: Storms have become more frequent and severe, inflation and labor shortages have driven up the cost of repairs and home values have increased, requiring larger policies. The biggest jumps occurred in Texas, Arizona and Utah, which were among 25 states in total that posted double-digit surges last year. In some places, including Florida, rates are up more than 40 percent over the past five years.

FAIR Plan’s Share of California Residential Market Nearly Doubles Since 2017-18 Wildfires

Wildfires and insurance in CA

The California FAIR Plan’s share of the state’s overall residential policies in force rose to 3.1% in 2022, nearly double the 1.6% it held before wildfires in 2017 and 2018 caused tens of billions of insured losses, according to state Department of Insurance data.

Can Science Say Which Cities Will Get Hit This Coming Hurricane Season?

Hurricane intensity increases

The bottom line of every preseason hurricane forecast this spring has been sobering, even a little scary. Meteorologists and their computer models all agree that it’s going to be a super busy and perhaps record-breaking season — and that with so many expected storms, it’s very likely that somebody, somewhere is going to get smacked this year. But exactly who and where?