Report: Climate Change Driving Up Home Insurance Costs
A new report suggests that homeowners across the United States, not just those in Florida, will see significant changes in home insurance prices. The escalating costs are attributed to climate change and the resulting increase in extreme weather events.
According to a report by WUFT, the price of home insurance in Florida has increased dramatically due to extreme weather events. The report says that the rise in costs is due, in part, to hurricanes like Helene and Milton, which took place in 2024 and caused massive property damage. Consequently, homeowners along the coastline have had a harder time obtaining necessary coverage.
Keith Holcomb, a Florida resident, shared his experience with WUFT. He said he was dropped by five different insurance companies because of the ‘high risk of flooding’ in his area.
Increased insurance rates are not only problematic for individual homeowners – they also speak to a larger trend. The report underscores how scientists agree that both hurricanes were magnified by the warming climate. Forbes research shows that Hurricane Helene’s wind speeds were approximately 11% higher than they would have been without climate change. Hurricane Milton’s winds were 10% higher. This led to billions of dollars in damage.
As Danielle Healis, general manager of Killingsworth Insurance, told WUFT, “I think that’s going to affect the whole homeowner’s market greatly…”
Florida’s situation isn’t unique. Home insurance companies in cities like Los Angeles are also increasing their rates due to the growing risk of wildfires linked to climate change. The long-term effects of these changes, however, remain unclear.
