"Some of the largest U.S. insurance companies say extreme weather has led them to end certain coverages, exclude natural disaster protections and raise premiums".
"In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most.
At least five large U.S. property insurers — including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway — have told regulators that extreme weather patterns caused by climate change have led them to stop writing coverages in some regions, exclude protections from various weather events and raise monthly premiums and deductibles.
Major insurers say they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country, according to a voluntary survey conducted by the National Association of Insurance Commissioners, a group of state officials that regulates rates and policy forms."
Jacob Bogage reports for the Washington Post September 3, 2023.
SEE ALSO:
"Congress Faces Ticking Clock On Flood Insurance As Hurricane Season Picks Up" (The Hill)
"Biden Boosts Spending Request To Help Pay For Disasters" (Reuters)
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