Cost of homeowners insurance is rising
COLUMBIA, S.C. (CNN)— Homeowners insurance is becoming more expensive and in many places, more difficult to find.
The culprits? Climate change, rising costs to rebuild or make repairs and a sharp increase in the premiums from reinsurance companies that are used by insurers to limit their risks.
In Florida’s, some major insurance companies have already pulled out of the state leaving homeowners paying premiums nearly four times higher than those paid elsewhere in the country.
Hurricane risk is part of Florida’s problem. Hurricane Ian last year was the most expensive storm ever to hit the sunshine state.
Two of the nation’s largest insurers, State Farm and Allstate, are no longer writing new homeowner policies in California, partly because of the increased risk posed to homes by wildfires.