Home insurance companies have refused to update policies for many Florida homeowners, claiming some of the state’s poorest residents at high risk of loss. Amy Green and Peter Aldhous’ Inside Climate News report that increasingly violent storms have urged insurers to raise fees sharply and to halt coverage in some states.
A budget analysis by the US Senate Committee found that non-renewal rates skyrocketed in 2022 and 2023 in counties with the highest risk of climate-related disasters, and Florida had the highest non-renewal rate in the country in both years. However, the highest prices were in rural inland counties, not coastal counties. Based on their own analysis, Inside Climate News argues that “non-update is the highest in Florida County, exacerbated by other factors that make climate-related dangers difficult to withstand and recover from poverty and extreme weather events.”
In other words, “The situation means that homeowners at the highest risk of losing insurance are those with the least resources to deal with disasters and are exposed further because they don’t have insurance.”
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