If you were recently dropped by your homeowners insurance company despite never having filed a claim, you’re not alone. A majority of U.S. state insurance regulators expect all types of insurance companies’ climate change risks to increase in the future, according to an Insurance Regulator State of Climate Risks Survey that was conducted by the Deloitte Center for Financial Services. “In the past, governments have been able to mandate coverage in certain areas or provide coverage themselves in some cases,” he said. Often FAIR plans cost double or triple that of a regular homeowners insurance policy. Cusick said it’s inevitable that homeowners in high-risk zones will either have to move or prepare for a new reality.

Source: Huffington Post September 29, 2020 09:45 UTC