Insurance rates countrywide could be impacted by extreme weather trends

Insurance rates Rise - Extreme Weather

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

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Florida flood insurance rates are too low, says recent study

Florida flood insurance rates - water in house

New research shows that the National Flood Insurance Program is undercharging property owners. Florida flood insurance rates aren’t as high as they need to be to reflect the risk associated with the property, says the results of a recent study. It indicates that the National Flood Insurance Program is undercharging people and that it could justifiably raise its rates. Undercharging Floridians means that it is more affordable for people to live in dangerous locations. The Florida flood insurance rate findings were made following a new analysis by First Street Foundation.…

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Many US homeowners are shocked at how high their flood risk score really is

Flood risk score - person shocked

Every American homeowner is finding out how much of a risk their property is truly facing. This month, every current and potential homeowner in the United States has access to the flood risk score of their property (or one they are considering for purchase). Many find themselves amazed at how high their property’s risk of flooding has been assessed to be. America’s flood risk score is being reassessed by First Street. This is a part of a broader effort to provide current homeowners and prospective home buyers, and the real…

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