Insurance premiums are rising sharply in many states following multiple climate disasters like hurricanes and wildfires that have caused billions in losses for insurance companies. The rising costs and availability of insurance are disrupting real estate deals, with sales falling through if adequate coverage cannot be secured. Florida and California have seen major problems, with some insurers exiting those states entirely and premiums skyrocketing to five times the national average in Florida. Louisiana, Colorado, Massachusetts, and Texas are also experiencing above-average insurance rate increases. Real estate agents now advise securing insurance early in the home buying process due to the difficulties and delays.
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00:00It's Benzinga and here's what's on the block.
00:02Insurance premiums are rising sharply in many states following multiple climate disasters
00:07like hurricanes and wildfires that have caused billions in losses for insurance companies.
00:12The rising costs and availability of insurance is disrupting real estate deals,
00:16with sales falling through if adequate coverage cannot be secured.
00:19Florida and California have seen major problems with some insurers exiting those states entirely
00:24and premiums skyrocketing to five times the national average in Florida.
00:29Louisiana, Colorado, Massachusetts, and Texas are also experiencing
00:33above-average insurance rate increases.
00:35Real estate agents now advise securing insurance early in the home buying process
00:39due to the difficulties and delays.
00:41For all things money, visit Benzinga.com