"Tariffs, extreme weather events and the president’s funding cuts are contributing to increasing rates, sometimes by double digits."
"Property insurance rates have spiked since 2021 due to the increasing frequency of climate-related natural disasters, inflation in the cost of building materials and supply chain issues. The typical homeowner saw an average increase of $648 in their annual premium from 2021 to 2024. And those rates are expected to increase by an average of 8% nationwide this year — with homeowners in some states facing much higher increases, such as a projected 27% hike in Louisiana.
An increasing number of American homeowners are linking those increases to climate change. A majority of them (72%) say that natural disasters such as hurricanes, floods and wildfires exacerbated by climate change are somewhat or very responsible for the rise in homeowner insurance costs, according to a poll by Data For Progress.
There is a bipartisan consensus that prices are rising too fast — nearly 80% of homeowners in Texas, for instance, want to see rates reduced, and one-third of Florida homeowners say that rate increases are the most important issue for them (even ahead of inflation and housing costs) — though Americans are torn on the role of climate change.
Insurance companies are regulated on the state level, and there have been heated debates in states as diverse as Idaho, Minnesota, Louisiana and Colorado about policies and regulations to slow the increase in rates. In Iowa, which was expected to see a 19% increase in home insurance rates this year, nearly 180 researchers and educators signed a statement calling attention to the role of climate change in driving up insurance costs — and calling for better building standards and a faster transition to more renewable energy sources in the state, such as solar and wind."
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