Climate Change Driving Up Home Insurance Claims, Rates
Monday, November 1st, 2021 PropertyAs the changing climate makes extreme weather more common, more and more people are dealing with damage to their homes and property.
That’s what insurance is for, right? People are certainly filing insurance claims.
In 2020, nearly 40% of all insurance claims were for weather-related damage, according to a new report out from LexisNexis Risk Solutions.
That’s the highest percentage since the company started doing this insurance report six years ago. The total amount insurers had to pay out for weather-related losses rose last year, too.
The more severe storms, fires and floods are, the more people are going to be dealing with damaged roofs and basements.
External References & Further Reading
https://insurancenewsnet.com/oarticle/the-changing-climate-is-driving-up-home-insurance-claims-and-rates
