Homeowners face rising insurance rates as climate change makes wildfires, storms more common
By KEN SWEET
AP Business Writer
NEW YORK (AP) — A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says. A report from the non-profit First Street Foundation released Wednesday says states such as California, Florida and Louisiana, which are prone to wildfires and damaging storms and flooding, are likely to see the most dramatic increases in premiums. But the fire that destroyed the Hawaiian community of Lahaina, as well as the historic flooding in Vermont and Maine, are recent examples of events that could drive up insurance costs for homeowners in other states.
