by Lee Stoll, KOMO News ReporterA large mudslide which occurred at the intersection of Beverly Drive and Beverly Place in the Beverly Crest area of Los Angeles damaged homes and cars on Monday, Feb. 5, 2024. Rain is expected to continue in Southern California over the next 12 hours.
According to the National Oceanic and Atmospheric Administration , there were 28 weather and climate disasters in 2023 with each costing at least $1 billion in losses. “When the trends go to the extremes, all the financial modeling that the insurance companies base their rates on gets disrupted,” said Travis Hodges, Managing Director at VIU by HUB.“When the losses do happen, all of the house values have gone up, all the labor costs have gone up all of the materials have gone up,” said Hodges.Analysts say labor costs alone are up 12% in just the last four years.According to Bankrate, the national average is $2,151 to insure a property worth $300,000.
Premiums in Tacoma are slightly higher than in Seattle and Bellevue. But rates are expected to rise another 6% by the end of this year.Bundle your home and auto insurance and shop around for the best rates.