Surprised by increases in your HO insurance?
Even for property owners who have never filed a homeowner’s insurance claim, the premium will be likely go up for 2021 due to an increase in the frequency and severity of natural catastrophes and their resulting insurance claims across the US for the years 2017–2020. In short, losses have increased faster than the capital base of the insurance industry and the industry is taking steps to make sure that it is solvent and able to pay all of the claims which have and which will arise.
2020 was a record-breaking year for hurricanes and wildfires, both aggravated by climate change. Expect more of the same next year and in the coming decades as world leaders, and the U.S. in particular, have failed to reduce carbon emissions.
Source: Financial Planning for Women