It’s hurricane season. Good luck getting affordable homeowners’ insurance
CNN
June 1 marks the official start of hurricane season in the Atlantic Ocean, and meteorologists predict it will be “extremely active,” with the potential for seven major hurricanes – the most destructive categories.
June 1 marks the official start of hurricane season in the Atlantic Ocean, and meteorologists predict it will be “extremely active,” with the potential for seven major hurricanes – the most destructive categories. And as insurance companies struggle to stay afloat, battered by elevated inflation and the growing frequency of catastrophic storms made worse by climate change, it’s become even tougher for homeowners to find affordable insurance options. Just last year, rates jumped 11.3% nationwide, according to S&P Global, and experts don’t expect a reprieve this year. And while there are ways to try and save money on insurance costs, moving to a state with minimal hurricane risk isn’t going to be enough anymore. States like Arizona, Illinois and Utah, which aren’t generally considered at risk from hurricane damage, have seen increases that far outpaced the national average last year. For decades, homeowners insurance was considered a very stable line of business for insurance companies, said Chuck Nyce, a professor of risk management and insurance at Florida State University. Most claims involved events affecting a single home, like an electrical fire or a washing machine leak.
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