Surging weather disasters disrupt insurance models, driving up home insurance by 23%

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Insurance News

Weather,Home,Costs

Weather pattern changes are now affecting nearly every corner of the country as people face more severe hurricanes, flooding and wildfires.

by LEE STOLL | KOMO StaffA 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. weather and climate disastersWhen 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.

That means it's now more expensive to repair any damages and rebuild to meet new building codes. Analysts say labor costs alone are up 12% in just the last four years.Some tips to knock that bill down? Raising your deductible could lower your premium bill by 15-20%. Bundle your home and auto insurance and shop around for the best rates.

 

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Surging weather disasters disrupt insurance models, driving up home insurance by 23%Weather pattern changes are now affecting nearly every corner of the country as people face more severe hurricanes, flooding, and wildfires.
Source: komonews - 🏆 272. / 63 Read more »