Massive Storms In Iowa, Missouri To Raise Insurance Costs
Massive storms, many of which create tornadoes, ripped across sections of Missouri, Oklahoma, and Missouri. Many homes were destroyed or damaged. As with other weather events, which tend to be concentrated in one part of the country, the disasters will raise home insurance rates and may force some Americans to relocate.
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Tim Zawacki, an insurance industry principal research analyst for S&P Global, told the Texas Tribune, “…property losses from convective storms, which includes thunderstorms, tornadoes, hail, and heavy rains, have dramatically increased. While climate change may be a political issue. I don’t think companies and their shareholders are willing to take the bet that it’s a transitory situation.”
Florida Cost Rise
What is clear is that weather events have changed the face of the home insurance industry. This is most severe today along the Atlantic and Gulf coasts, particularly condos on the state’s east side. Rates have risen enough that people who cannot afford insurance have left. Some have paid double-digit increases. Others have stayed but have done so without insurance. In many cases, real estate prices have plunged because of these factors.
Follow the storms over the next several years and watch insurance rates rise immediately after.
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