Homeowners insurance premiums in the U.S. have surged by 34% from 2017 to 2023, with continued increases in 2024 attributed largely to climate change and the resultant rise in extreme weather events. Insurers are adjusting their policies due to higher damage claims caused by severe storms, wildfires, and other disasters, leading to rising costs for consumers. Many insurance companies are also narrowing coverage, increasing deductibles, or even exiting high-risk markets altogether, which leaves significant property values uninsured. Experts predict that insurance costs will continue to rise as climate-related risks grow, creating more strain on homeowners and local economies.
