Insurances companies across the U.S. are increasing prices, particularly in high-risk areas.
In states like California and Florida, record-setting natural disasters and inflation are squeezing insurance companies, and they’re passing the prices to consumers, making it more challenging to receive coverage.
Insurance companies nationwide have said whether it’s a tornado, hurricane or fire, they know how much stress is on homeowners. More studies are showing that not only are these major weather events happening more but are also more severe, and for that reason, so many people are living in harm’s way.
“Not only do you have an increased frequency and severity of disasters, but you also have to look at it from the insurers’ perspective,” said Michael Barry, chief communications officer at the Insurance Information Institute. “They’re operating in, like the rest of the economy, a high inflation environment.”
No comments:
Post a Comment