Homeowners in coastal communities are facing significantly increased property insurance rates, with Rhode Island lawmakers addressing affordability issues. Following a House committee meeting focused on climate change impacts, insurance professionals highlighted the challenge of ensuring consumers have adequate flood coverage. Prices for homeowners insurance have surged by 25% to 40% over the past five years, and major insurers like State Farm have halted new policies in Massachusetts and Rhode Island. A recent Senate report underscores the worsening national insurance crisis, identifying states with high nonrenewal rates due to climate risks.
Insurance tends to be something you sign up for and then forget, but how do we get out to consumers if they don't have flood coverage in their home insurance policies?
Homeowners insurance is honestly becoming one of the more polarizing topics we're discussing right now.
In the past five years, I've personally noted homeowners insurance prices rise 25% to 40%. To be honest, I think it's going to get worse before it gets better.
The climate-driven insurance crisis is here, and getting worse, as evidenced by the increasing nonrenewal rates of insurance policies in high-risk areas.
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