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Climate Change Hitting Your Home Insurance Costs?

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Tip of the day

Polls suggest climate skepticism is in decline in the United States, as the knowledge that leading skeptics have been funded by oil and coil producers emerges. However, amongst insurance companies, there was never any doubt. They employ actuaries and scientists to assess environmental risks, and have been noticing rapid changes and fluctuations in once-stable patterns with increasing frequency and ferocity.

What does this mean for your home insurance rates?

They will go up. Across the board, as the climate crisis deepens and weather becomes more unpredictable, home insurance rates will skyrocket amidst uncertainty of risk. Yes, you might not necessarily have more environmental hazards to your home, but there will be no statistical evidence of safety; insurance companies are funded on the notion of playing it safe when it's risky, so expect them to charge more.

It's already happening:

  • StateFarm and AllState have increased premiums by as much as 10% in some states
  • The costs of hurricane and tornado insurance have as-much-as tripled!
  • Claims in the UK are trending upwards in the billions of dollars; insurance experts expect rates to triple in the next 30-40 years because of climate change

What can you do?

All you can to reduce your carbon footprint. Seriously. That will save you money! Solar panels, small wind, home gardens, energy-efficiency, and resource-use reduction. Your home insurance costs will rise less and you'll save money elsewhere.


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