New Mexico witnessed a 31% surge in nonrenewed home insurance policies between 2018 and 2023, according to a recent analysis by two advocacy groups, Public Citizen and Revolving Door Project. The groups utilized data from the U.S. Treasury’s Federal Insurance Office and a U.S. Senate Committee on the Budget investigation into the impacts of climate change on insurance markets to create detailed maps showing areas where insurance costs are rising and policies are being canceled or not renewed.
These maps provide granular information about the insurance market at the zip-code level, allowing for a nuanced understanding of the issue. For instance, the community of Alto in Lincoln County ranks among the top 100 in the country for increased nonrenewal of policies from 2018 to 2022, with a staggering increase of over 2000% in policy cancellations.
Lincoln County has been prone to several major natural disasters in recent years, including the 2024 South Fork Fire and the 2022 McBride Fire, as well as severe flooding last year. Incidents like these, which are becoming more frequent and intense due to climate change, are contributing to the growing number of people unable to access home insurance and facing rising premiums.
“This data represents a crucial first step in monitoring the crisis, identifying vulnerable communities, and informing urgent policy interventions,” stated Carly Fabian, senior insurance policy advocate at Public Citizen’s Climate Program. “Monitoring insurance availability and affordability is essential, as policyholders and the public bear the brunt of climate change through higher premiums, while insurance companies continue to profit.”
The data compiled by the advocacy groups highlights the need for ongoing monitoring and analysis to understand the far-reaching impacts of climate change on policyholders across the country. As the crisis deepens, greater public access to such data will be critical in telling a more comprehensive story about its effects on communities nationwide.
