The insurance crisis is spreading as climate-related damage wreaks havoc across the U.S., driving up premiums in states that once had low-cost, widely available insurance. Americans have seen premiums climb to unsustainable heights, with a 20% increase in home insurance costs between 2021 and 2023 and a 15% spike in car insurance rates in the first half of 2024.
Florida, California, and Louisiana homeowners have faced insurance crises over the past several years as multiple insurers have declared insolvency, non-renewed policies, or left the states entirely.
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