New York Times writers invited readers to submit their experience with climate related Home Insurance costs.
Claire Brown of the New York Times (via email):
We heard many horror stories about rate increases in places like Florida and California, where insurance markets have been turbulent for years. But we also heard similar anecdotes out of states like Ohio, Maryland and Massachusetts, where disasters are less frequent but homeowners say they’re seeing rates climb by 30 percent or more year after year.
| A condo owner in Texas, a Dallas senior on a fixed income, said that her annual premium jumped to $1,239 in 2024, a 63 percent rise from the year prior, with no increase in coverage. In Minnesota, a homeowner’s rates are set to jump up to between $6,000 and $8,000 after their insurer stopped offering coverage. They previously paid $3,300. In the Colorado mountains, one reader saw their premiums climb to $8,600 last year, a more than a threefold increase over the past 15 years. They switched insurers. A homeowner in New Orleans said their total home insurance costs, including flood protection, had jumped to about $21,100 a year, up from $3,800 in 2015. |
One clear theme: Readers say insurance companies are not providing clear or detailed explanations for rising rates, and a lot of people feel as if they’re paying for someone else’s risk.
“It is as though we are being held up by the mafia,” wrote one Minnesota reader who saw rates for a small homeowners’ association more than triple since 2021. “We have to have insurance, but the coverage we have is abysmal.”
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