Insure.com Explains how Climate Change is Affecting Insurance Rates
Insure.com, recently published insights on how extreme weather is expected to impact home insurance premiums. The cost of average claims is rising with climate-related damages and homeowner precautions are urged.
The number of weather-related events has increased since 2013 and the number of dollars paid in claims for flooding, tornadoes and wildfires has grown as well. For example, $492,542 was paid to resolve flood claims in 2013 vs. $8.74 million to cover flood claims in 2017, a claim cost increase of 1,674%.
Insure’s article, How climate change is increasing your insurance rates, provides detailed information on climate-related losses and advises homeowners on how they can prevent damage and avoid insurance hikes.
“Homeowners should factor in climate risks when purchasing a home,” recommends Les Masterson, managing editor of Insure.com. “If you already live in a climate-challenged area, be sure to take advantage of lower insurance rates by making improvements that guard against potential damage.”
Les Masterson is available to discuss weather-related home insurance claims; plese let me know if you would like to arrange a call or email interview with Les.
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Rick Judge, 415-429-5652