Map Reveals Regions Where Insurers Are Dropping Homeowners at Record Rates
Summary
Homeowners in the U.S. face higher insurance costs and more companies refusing to renew policies, especially in disaster-prone areas. These changes come as building costs rise and natural disasters become more common and severe.Key Facts
- Home insurance premiums increased between 18% and 43% from 2018 to 2024 across different U.S. regions.
- Insurers are canceling policy renewals more often, with nonrenewal rates rising between 96% and 216% in different parts of the country.
- The Southeast had the largest rise in nonrenewals, increasing 216% over seven years.
- Homeowners in states like Florida, California, and Louisiana face getting fewer options for insurance coverage.
- Nonrenewal means an insurer chooses not to continue a policy after it expires, which can happen even if the homeowner hasn’t made claims.
- Rising costs and risks related to wildfires, hurricanes, flooding, and storms push insurers to be more selective.
- Some homeowners, especially in minority groups, go without insurance because of high costs.
- Lack of insurance combined with premium hikes and other housing costs is making it harder for some homeowners to stay in their homes.
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