In 2023, insurers lost money on homeowners coverage in 18 states, over a third of the country. Companies are raising premiums by as much as 50% or more, cutting back on coverage or leaving entire states altogether. Nationally, over the last decade, insurers paid out more in claims than received in premiums. The insurance market turmoil is a warning for an American economy built on real property. Without insurance, banks won’t issue a mortgage; without it, most people can’t buy a home. With fewer buyers, real estate values are likely to decline, along with property tax revenues, leaving communities with less money for schools, police and other basic services. Without sufficient insurance, people struggle to rebuild after disasters.
www.nytimes.com/interactive/2024/05/13/climate/insurance-homes-climate-change-weather.html