Homeowner's insurance premiums have been skyrocketing nationwide, with some people seeing tens of thousands of dollars in bill increases.
This issue is especially problematic in high-risk locations prone to extreme storms, such as the Florida Keys.
What's happening?
As The Palm Beach Post reported, a Key Largo resident, Kevin Donlan, received a $39,000 premium bill for his homeowner's insurance. This amount represented a $28,000 increase and exceeded the average annual salary in Florida.
He received another premium quote of $73,000.
Insurance rates are rising due to inflation and insurance companies' unwillingness to protect homes in the Florida Keys.
"I think it's somewhat criminal that we can't find insurance, or we go from $11,000 to $40,000 a year for coverage in five years," Donlan said. "I just don't know how it can be, how it can happen."
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Donlan has had to put his home up for sale due to the unaffordability of insurance.
Why are unaffordable home insurance premiums a problem?
Homeowner's insurance costs are driving people out of their homes and displacing individuals and families from their daily lives. These exorbitant costs are negating progress on affordable housing and causing significant financial strain and uncertainty.
As extreme weather events continue to intensify and occur more frequently, insurance companies are facing increased costs for claims and repairs. They pass these costs on to their customers, who have few options besides settling for less comprehensive coverage or forgoing coverage altogether.
Without homeowner's insurance, residents are left vulnerable to climate-induced natural disasters. The resulting impacts include financial ruin due to out-of-pocket repair costs and destabilized local economies that are unable to grow and thrive.
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Definitely 😡 What can I do to protect my home?
To make your home more stable and increase its likelihood of being insured, consider taking disaster-proofing measures as soon as possible. Examples include installing impact-resistant windows, replacing your roof, and implementing wind mitigation measures.
In Florida, home improvement grants are available through a program called My Safe Florida Home, which pays homeowners $2 for every $1 they spend on upgrades, up to $10,000. It's worth exploring programs like this in your area to enhance your resiliency and remain safely in your home during intense storms.
As you learn about critical climate issues, such as the homeowner's insurance crisis, share what you've learned with people in your life to spread awareness and encourage advocacy for people living in high-risk areas.
Fortunately, organizations like Sustain the Nine are working to empower residents through education and resources, enabling them to protect their local environments and their future.
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