'New buyers are often not aware of how high insurance premiums can be.'
Torrential rain, catastrophic floods, high winds, resilient wildfires — some states are facing the growing dangers of a rapidly changing, mercurial climate that is making life costly for many homeowners in high-risk states.
“Insurance companies draw up prices by using a catastrophe model,” says Matthew Eby, founder and CEO of the insurance tracking nonprofit First Street Foundation. “It is not that they want to raise premiums to unrealistic levels, but it is not viable for them to operate at discounted prices in areas where climate related events are a constant threat.”
In Louisiana, insurance companies paid out $23 billion in insured losses for over 800,000 claims for 2020 and 2021 leading to many insurers departing the state. Now Louisiana’s insurer of last resort is the state-backed Citizens Property Insurance program, which hiked prices by 63% in 2023 for the most at-risk zip codes.
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