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Climate change is impacting the home insurance industry and damaging the housing market

today 11/07/2023
As the cost and availability of homeowners' insurance are affected by climate change and extreme weather events, homebuyers are increasingly walking away from deals. Insurance companies are raising premiums or pulling out of certain areas, making it difficult for buyers to afford insurance. In some cases, sellers have offered to cover the insurance costs, but buyers are still concerned about potential future increases in premiums. This has resulted in deals falling through and homes being listed at lower prices. The number and severity of storms are increasing, further exacerbating the issue. The standoff over who should bear the cost of insuring homes against climate risks is ongoing. This trend of insurance difficulties has been observed in states like Florida and Louisiana, where insurers have been reluctant to reduce prices or adjust their underwriting practices. Additionally, factors like the Covid-19 pandemic, inflation, and advancements in risk evaluation technology have contributed to higher costs. Advocacy groups are now focused on addressing insurance availability and affordability issues caused by these multiple factors.
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