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California homeowners are facing challenges due to changes in the insurance market, with companies limiting coverage, raising premiums, or leaving the state amidst concerns about wildfire risks and high rebuilding costs. State Farm stopped writing new policies in California, leading to a 20% rate increase for existing customers and a reduction in total policies. Across the US, home insurance rates are expected to hit record highs, with premiums in Florida approaching $12,000. Factors such as climate change, severe weather events, and government regulations are contributing to the rising costs. Legislators are introducing measures to incentivize homeowners to mitigate disaster risks and attract insurers back to the market.
One of the main drivers behind insurers fleeing the California home insurance market is the significant increase in wildfire risk. By providing tax credits for home hardening, we can bring insurers back to our market. https://t.co/vcxJwEyWI2
No, it's really not, BBC. The coordination of various interested groups to push this narrative should concern the public as well as state insurance regulators. Insurance companies are very eager to price in future climate risk now, but that's currently based upon flimsy… https://t.co/dLOXg0xoh3
Climate change and generations of US housing and development policy are making homes, neighborhoods, and entire municipalities riskier to insure: https://t.co/9tFbMJUduJ #fox44tx