Insurance companies and state governments across the Sun Belt are trying to prepare for or prevent future disasters caused by climate change, and the housing market is being disrupted as a result.
in the last year, with some insurance companies threatening to drop them if they don't make expensive alterations, such as a new roof made of hurricane-resistant materials. Other insurers are exiting the Florida market altogether, the most recent departure being Velocity Risk Underwriters, which announced last week thatWarmer weather causes more water to evaporate, which leads to more extremes in the water cycle — more severe droughts, but also more intense storms.
. While the average annual cost of homeowner's insurance is $1,900 a year nationwide, it's $4,000 a year in New Orleans and about $5,000 a year in Miami because of hurricane risk. "Climate risk is driving insurer decisions like never before," Benjamin Keys, a professor of real estate and finance at the University of Pennsylvania's Wharton School, argued last month in."From insurers' perspectives, it's 'Everything Everywhere All at Once,' with heightened risks of floods, droughts, wildfires and more.
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