New Orleans Home Insurance Could Rise 500%
The new risk assessment study from First Street looks at climate risk across the country at a Zip Code level. It also looks at climate risk to this real estate and what it could do to home insurance. Some areas most threatened by climate events could have home insurance rates that double over the next three decades. The highest jump will be in New Orleans, where the figure is forecast to rise fivefold.
The firm created its models. “Analysis using the First Street Flood Model (FS-FM) reveals potentially dramatic increases in flood-related damages across various regions.”
Florida And Atlantic City
Fort Lauderdale was also high on the list, where insurance rates could rise 122% over the measured period. The high-risk runs up the Atlantic coast to Atlantic City, where the forecast increase is 296%. Hurricane Sandy obliterated Atlantic City in October 2012, and the area has never completely recovered.
The Altnicia City figure shows how widespread hurricane weather is expected primarily because of a warming Atlantic Ocean.
Violent weather has become more widespread, as far as insurance rates show. They will rise sharply in the middle parts of the country because of hail and tornadoes. A new Lending Tree study shows “Households in prominent Tornado Alley states — Oklahoma, Nebraska and Kansas — spend the highest percentage of their income on home insurance.”
LA Wildfire Damage
Home insurance rates in the areas around the LA wildfires will soar.
Perhaps worse than rising home insurance rates is the fact that, in many parts of the country, insurance companies have withdrawn completely
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