WASHINGTON, D.C. — Homeowners in areas of the United States with the highest climate-related risks saw declining access to insurance, a Treasury Department report released Thursday said.
Average insurance non-renewal rates were about 80 percent higher for consumers in high-climate-risk areas than for those in the lowest-risk ones, the report found.It showed that 'homeowners insurance is becoming more costly and harder to procure for millions of Americans as the costs of climate-related events pose growing challenges,' the department said.
'While it's far from clear what the exact financial costs of this disaster will be, it is a stark reminder of the impacts of the growing magnitude of natural disasters on the US economy,' she added.The report, released by the Treasury Department's Federal Insurance Office, is based on data covering more than 330 insurers on over 246 million homeowners insurance policies, running from 2018 to 2022.
Access For US Homeowners With Higher Climate Risks Declines
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