Here's where insurance companies see the most risk for disasters
In the months preceding the outbreak of the infernos now raging through Los Angeles County, home insurance carriers began withdrawing new coverage in response to the rising threat from wildfires, while also increasing premium amounts for existing customers.
In the months preceding the outbreak of the infernos now raging through Los Angeles County, home insurance carriers began withdrawing new coverage in response to the rising threat from wildfires, while also increasing premium amounts for existing customers.
Now, other residents across the U.S. are looking to see whether insurers in their areas have been making similar changes.
In fact, the U.S. Senate recently covered this exact issue. Last month, the Senate Budget Committee released a report showing the states and counties that have seen the greatest changes to their insurance profiles, as measured by number of canceled policies and extent of premium increases.
Not surprisingly, much of California, as well as hurricane-prone regions in Florida and Louisiana, topped the list. Oklahoma, where homeowners have suffered extensive wind and hail damage related to the rising intensity of tornadoes, also featured prominently, alongside parts of southern New England, the Carolinas, New Mexico, the northern Rockies and Hawaii.
The Senate report is based on responses from 23 different carriers, covering 2018 through 2023. Those companies account for approximately 65% of the homeowners insurance market nationwide.
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