US home insurance costs rise more sharply in climate-risk areas, US Treasury study finds Reuters

WASHINGTON – Homeowners in areas at the highest risk of damage from hurricanes, wildfires and other climate hazards are paying far more for insurance than those living in the least exposed areas, according to a U.S. Treasury Department study released Thursday.

The research found that homeowners living in the highest-risk areas paid 82% more in premiums on average between 2018 and 2022 than those living in the least affected areas.

Those who live in the highest-risk areas are also more likely to be dropped by their insurers, the survey of more than 246 million homeowners insurance policies found.