Inflation has driven up the cost of materials and labor to repair or rebuild damaged homes. states.Ĭlimate isn’t solely to blame, of course. Rising losses from floods, hurricanes, heat waves, droughts and other climate-stoked calamities are leading insurers to rethink, restrict or renege coverage in other U.S. Rising climate-stoked calamities are leading insurers to rethink, restrict or renege coverage.įire coverage isn’t the only hot topic for policyholders. As in California, insurers in the Sunshine State cited increased losses from natural disasters. Farmers Insurance Group and American International Group last week said they are halting home policy sales in Florida - two of the 16 property insurers that have pulled out of the state over the past 18 months. At the same time, State Farm has asked state regulators to approve rate increases for current policyholders by an average of 28.1 percent. Over the past month, a succession of insurers have announced they’ll no longer sell insurance in California, including Allstate and State Farm, the state’s largest home insurer, both citing increased wildfire risk. Keep in mind that there hasn’t been a wildfire in Oakland since 1991, and that one was several miles away. Last week, my wife and I were notified that Kemper, with which we’ve had a homeowner’s insurance policy for well over a decade, will soon stop insuring our home due to increased wildfire risk in the area around our Oakland, California, neighborhood.
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