For some US residents, it is now impossible to get home insurance - and all because of the climate crisis

These are the kind of headlines we need to keep an eye out for as they are lead indicators of a wider issue for all of us as climatic conditions deteriorate which it is quite apparent they are - witness the daily news of weather events both locally and globally.

This headline also fits with a conversation I had with an fire and general insurer earlier today that they are raising their home premiums by 4% and contents by 9%. Now if this was an annual increase you would go, okay that pretty good given that inflation has been over 7%. But, this is the second incremental increase this year… the actual annual increase is more like 20% now. Insurers are nervous, reinsurers are nervous and everyone is paying alot more… this article from The Guardian is the thin edges of a wedge of the reality of a massive issue for property owners.

Insurance is going to continue to get more expensive and more difficult to get. It will be increasingly important to have a long standing and good relationship with your insurer in my view.

Have a read of the article, flood prone, slip prone, rock fall area are all under the microscope. Buyer certainly needs to beware. If buying make sure you can get quotes from multiple insurers if some won’t quote then take that on board in your decision making.

Here’s the article - click herehttps://www.theguardian.com/commentisfree/2023/may/31/for-some-us-residents-it-is-now-impossible-to-get-home-insurance-and-all-because-of-the-climate-crisis?CMP=Share_iOSApp_Other

As always happy to chat - george@tgn.co.nz