US homeowners in disaster-prone states face soaring insurance costs
Climate crisis is making it harder for insurance companies to operate, with many pausing or withdrawing policies
Homeowners in the United States are facing an enormous financial crunch due to the climate crisis, with many struggling to find insurance or even dropping premiums that are soaring due to a mounting toll of wildfires, hurricanes and other disasters, new federal government data shows.
The figures, the most comprehensive numbers ever released by the US treasury department on the issue, show insurance premiums are increasing quickly across the country, with people living amid the greatest climate-driven risks experiencing the steepest rises of all. In the four years to 2022, people living in the top 20% riskiest places for such perils paid, on average, 82% more than those in the 20% lowest climate risk zip codes.
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