"In today's climate-risk-fueled market, a growing number of American homeowners are contemplating going without homeowners insurance due to rising costs and limited options. The challenge is exacerbated by the increasing climate-related risks impacting $12.7 trillion worth of U.S. real estate. As insurers raise rates and withdraw from high-risk areas, homeowners are left with difficult decisions and potentially no coverage at all, risking significant home equity in the face of climate-related events."
"The insurance system for homeowners is strained by climate risks, leading to rising premiums and limited coverage options, with reinsurers predicting increasing losses and raising policy prices. Insurance companies are pulling out of high-risk areas like California, reducing competition, limiting policy options, and potentially increasing costs for homeowners. The affordability and availability of insurance are reshaping the real estate market, with buyers altering their home search strategies due to insur"
Many American homeowners are contemplating foregoing homeowners insurance as premiums rise and policy options dwindle amid escalating climate risks. Climate-related hazards now put $12.7 trillion of U.S. real estate at heightened exposure. Insurers are responding by raising rates and retreating from high-risk areas, which reduces competition and limits available coverage. Reinsurers project increasing losses, prompting further price increases and insurer withdrawals. Homeowners face the prospect of significant uncovered losses that could erode home equity. Homebuyers are adjusting search strategies toward lower-risk locations to mitigate insurance affordability and availability issues.
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