Climate crisis threatens US housing, insurance markets
A congressional report warns the climate crisis is significantly endangering the U.S. housing and insurance sectors.
With 2023 on track as the hottest year on record and disasters exceeding $1 billion in losses, the report highlights skyrocketing insurance premiums and growing uninsurability in high-risk states such as Florida and California.
Extreme weather events, now occurring every three weeks, drove 2023 home insurer losses to $15.2 billion, double the previous year.
Premiums rose 11% last year, with Florida homeowners paying on average $3,547, the nation’s highest.
Rising repair costs, litigation, and climate risks compound the problem, leaving many underinsured.
The report advocates for innovative solutions, including parametric insurance, community resilience programs, and wildfire risk studies, alongside tax credits for disaster mitigation.
Without immediate action, it warns, the financial toll on housing and public services will continue to escalate.
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