Tag: climate change

From Floods to Fires: How Climate Change is Transforming the Real Estate Landscape

Ester Adams
housing crisis due to flooding, hurricanes, and wildfires and how its effecting insurance

The Ripple Effect of Climate Change on the Real Estate Market Climate change, once a distant concern, is now an imminent reality affecting various sectors of the economy, with the real estate market feeling its profound impact. From surging insurance rates to potential market crashes, the cascading effects of extreme weather events are reshaping how we buy and sell homes. Record-Breaking Weather Events In the previous year, the United States witnessed 28 confirmed billion-dollar weather events, marking the highest number since records began in 1980. These events, fueled by climate…

Read More

Could Your Yard Be Inviting Fire? Discover the Common Mistake Homeowners Make

G. Turner
homeowners high risk mulch

Mulch Fire Risk Poses Growing Threat to California Homes In California, where the risk of wildfires is both imminent and escalating, a common landscaping choice—mulch—is emerging as an overlooked fire hazard that many homeowners inadvertently invite into their yards. This seemingly innocuous product, made from organic materials like wood chips and bark, can easily ignite and create a dangerous “fuel source” right next to residences. The Rising Tide of Wildfires California’s unique climate—a combination of hot, dry summers and seasonal Santa Ana winds—has created the perfect storm for wildfires. Drought…

Read More

Who’s Responsible? California Faces New Rate Hikes from State Farm and Allstate

Nordstrom
State Farm and Allstate Buildings - Who is causing high rates in California

California homeowners and renters may soon face significant financial strain as two of the state’s largest insurers, State Farm and Allstate, announce hefty rate hikes. These increases come against a backdrop of escalating climate change impacts and urban expansion into wildfire-prone areas. Significant Increases from Major Insurers State Farm, the largest home insurer in California, has applied for substantial rate hikes across its various insurance lines. The company, which insures nearly one in five homes in the state, has requested a 30% increase for homeowners insurance, a 52% increase for…

Read More

State Farm Seeks Major Rate Increase in California

Live Insurance News
state farm insurance news

State Farm, California’s largest insurer, is proposing sizable rate increases for its residential insurance policies in the state, potentially impacting millions of homeowners and renters. The company has filed for a 30% rate hike for its homeowners’ insurance, a 52% increase for renters, and a 36% escalation for condominium owners. This marks the third major change for State Farm in California within a year. State Farm’s Justification In a statement, State Farm indicated that these rate increases are necessary for the long-term sustainability of its California subsidiary, State Farm General.…

Read More

Even utilities can’t get wildfire insurance

Nordstrom
wildfire insurance - Image of Electric Utility with fire in background

It’s not just homeowners and small business owners struggling to get coverage due to wildfires Wildfire season has now officially started, and some utilities have found themselves operating without wildfire insurance, which means they’ll be responsible for the full cost of any damages resulting from fires caused by their equipment. Utilities in the West have been struggling to find any coverage at all Power lines have been blamed for a number of fires over the last few years, and this has meant that utilities have faced an increasing struggle to…

Read More

Iowa homeowners insurance customers are the next to face this struggle

Marc
homeowners insurance - Person stressed - Iowa Site

California, Florida, and Louisiana property owners can relate to the Iowan coverage issues Homeowners insurance customers across Iowa are discovering that obtaining coverage isn’t as easy as it once was as a number of insurers have decided to take their business elsewhere. The companies have been leaving Iowa recently The homeowners insurance companies that have decided to leave the state say that they are doing so due to the rising number of severe storms the state is facing, and the skyrocketing costs associated with paying for the repairs.  According to…

Read More

Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

G. Turner
Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

Read More