More than 130,000 homeowners are about to face a painful new expense — and the worst may be yet to come

Many people in Nevada are the latest to experience rising homeowners insurance rates.

What's happening?

Some 130,000 residents will pay more money for coverage after the state Division of Insurance approved hikes of up to 45.3%, Fox5 Vegas reported.

The changes affect renters, property owners, and other policyholders of 12 companies. At least one — a 25% bump for renters with Root Insurance — is already in effect, while others will become active on March 9.

"Claims cost insurers more because homes are more expensive to fix since the price of construction materials and labor has gone up," the TV station reported, citing a DOI spokesperson. "Reinsurance, which is insurance for the insurer, increased as well because of the frequency and severity of natural disasters."

Fox5 listed the companies that are charging more, the number of people impacted, and rate increases. Farmers Insurance, for example, is responsible for the massive increase noted above, which applies to almost 9,000 homeowners with combination contracts. Travelers combo policies, on the other hand, will rise just 0.007% for more than 63,000 people.

Why is this important?

Increasingly severe and frequent extreme weather, including wildfires and floods, are impacting homeowners across the country. These events are caused by rapidly rising global temperatures, which unbalance the climate and create weather whiplash, or wide swings between, say, dry and wet conditions.

While the affordability and availability of homeowners insurance are certainly important, there are even graver consequences to this warming of the planet. The burning of dirty fuels for energy is largely to blame, and the heat-trapping gases produced as a result harm human health and natural biodiversity. The latter may not seem as important as the former, but collapsing ecosystems threaten human life, including crop loss and economic downturns.

While states are working to lessen the impacts of natural disasters, insurance markets are in crisis from California to Florida.

What's being done about rising insurance rates?

Homeowners whose insurance rates increase should talk to an agent about how to mitigate their risks. Improving the wildfire hardiness of your house can, for example, help you lower your insurance costs.

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Homeowners, though, must also consider where they live since extreme weather is reaching places it has not before and getting worse where it has.

In the long term, we can reduce this risk by turning to clean energy sources such as solar and wind power. If you can't afford the upfront cost of solar panels or rent your home, consider investing in a community solar program. Other smaller changes — including using less plastic and changing how you buy and use clothes — can also quickly add up.

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