Recent analyses show that home insurance premiums are expected to rise significantly over the coming decades due to increased climate risks from weather disasters. Cities like Miami and Jacksonville will see dramatic increases of 322% and 226%, respectively. This trend is attributed to rising disasters like hurricanes and wildfires. Additionally, existing policies may be underpriced due to state regulations, contributing to future losses for carriers. Nationally, a 29.4% average increase is projected by 2055 in home insurance premiums, driven by corrections for underpricing and growing climate concerns.
"Over the next 30 years, we're likely to see more hurricanes move into the mid-Atlantic and move farther northward, and that's going to cause additional increases in cost and insurance."
"Many home insurance policies are underpriced relative to risk due to state regulations on rate hikes, which has driven steep losses for carriers in recent years."
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