A new congressional investigation has mapped out insurance policy nonrenewals across the US, revealing areas most affected by climate disasters. The map shows skyrocketing home insurance rates in states like California and Florida, as well as Eastern Seaboard regions prone to hurricanes.
Insurance companies are increasingly dropping policies in high-risk zones, sparking concerns over property values and local services. As insurers pull out of climate-exposed areas, these nonrenewals often precede disasters by several years. Oklahoma’s example shows that even with stable premiums, insurers may drop coverage if deemed too risky. The consequences include reduced tax revenue for schools, police, and other essential services, further exacerbating the insurance crisis.
Source: https://www.nytimes.com/interactive/2024/12/18/climate/insurance-nonrenewal-rates-policies-state-map.html