"Homeowners Insurance Crisis: The Nightmare of Buying Coverage in America"

The cost of insuring homes in America is skyrocketing, with premiums jumping by an average of 21% from May 2022 to May 2023. Weather events are becoming more destructive, leading to underwriting losses for insurers. This is impacting the housing market, with some of the strongest housing markets experiencing stalled home sales and condo buildings becoming ineligible for mortgages. Insurers are abandoning entire states, leaving residents with fewer and costlier choices for protection against costly catastrophes. The rising cost of property insurance is making it difficult for homeowners to afford insurance, impacting real estate development and causing some to forgo insurance altogether.