A Florida phenomenon foretells a dark future for American homeowners.
WUFT reported that Florida home insurance costs are rising because of freak weather events caused by the warming climate. If the planet continues at the rate it's going, this won't stop anytime soon.
What's happening?
2024 hurricanes Helene and Milton caused home insurance prices in Florida to skyrocket. Residents in vulnerable areas along the coastline had more difficulty finding necessary coverage.
One Florida citizen, Keith Holcomb, shared his story with WUFT. He said he was dropped by five insurance companies because of the "high risk of flooding" in his area.
Those in such areas often go with the Citizens Property Insurance Corporation because it's their only option. If they decide to raise their rates, people will have no choice but to pay more or drop their insurance entirely.
Why do increased insurance rates matter?
Experts widely agree that both hurricanes were intensified by the warming planet. Hurricane Helene's wind speeds were 11% higher than they would have been without the changing climate, according to Forbes' research. Hurricane Milton's were 10% higher.
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Both storms have led to billions of dollars' worth of property damage across the state, and it's only getting worse. According to Forbes, "researchers found that storms with Milton's wind speeds have become 40% more frequent because the climate has warmed by 1.3 degrees Celsius since preindustrial times."
This isn't just a Florida issue. Florida's increase in home insurance costs indicates a broader pattern across the United States. Home insurance companies that cover Los Angeles, for example, are hiking up their rates because of the increased risk of wildfires, thanks to the warming climate.
As Danielle Healis, general manager of Killingsworth Insurance, told WUFT, "I think that's going to affect the whole homeowner's market greatly …"
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Definitely 👍 What's being done about it?
These hurricanes devastated the Southeast, especially states that didn't have the infrastructure to combat such weather. Thankfully, people are helping out in any way they can.
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The Footprint Project, for example, is installing solar power in communities that are without electricity. It is one of many organizations on the ground helping those in need. If you'd like to contribute, check out The Cool Down's list of organizations accepting donations.
As for the rising cost of home insurance, the long-term effects remain to be seen.
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