Extreme weather events are causing home insurance prices to soar in at-risk areas.
What’s happening?
According to Community Impact, many people in Texas are facing astronomically high insurance prices, particularly because of the increased risk of natural disasters.
From 2022 to 2023, insurance prices spiked by 11% nationwide, but Texans experienced a 23% rise. The state has “some of the highest home insurance premiums in the nation,” according to Community Impact.
The city of Houston is deemed a “high-risk” area because of the regularity of extreme weather events, such as high winds, hail, hurricanes, and flooding. Because of this, insurance companies have upped the prices of premiums in the area…