Climate change may make homeowners insurance unaffordable
Leigh C. knew that the homeowners insurance on her home in Black Forest, Colorado, an area just northeast of Colorado Springs, would be renewing soon. But when she opened her new bill, she thought she had misread the number. “I called them to see if that was a mistake,” she told CNBC Select. Looking at the itemized numbers, Leigh found that her annual property insurance premium renewal jumped 124% from $3,767 to $8,361. Even though she volunteers for United Policyholders, a nonprofit that advocates for homeowners insurance policyholders after major disasters, Leigh had trouble believing her eyes. … In its press release, State Farm specifically cited “rapidly growing catastrophe exposure” as one of the reasons it would no longer accept new applications for property insurance. Government officials have also noted the tie between homeowners insurance availability and climate change.