Insurance

InnSure executive director shares how communities can combat higher rates and mitigate climate risk by taking control of their insurability.

Roughly 13% of homeowners in the top state are uninsured.

The Congressional Budget Office acknowledged limitations in its research of expected flood damage data.

Even with rising premiums, the disincentive is not enough to drive homeowners away from risky areas, said the chairman of Swiss Re.

Advocates and critics weigh in on condo title-risk mitigants that cost less upfront than traditional insurance as climate risks add to broader coverage costs.

Western utilities and beyond are finding it prohibitively expensive, if not impossible, to insure against potential fire-related claims. The issue will become more pressing as climate change makes droughts more intense and frequent, heightening the chances of more destructive infernos.

Nearly one-in-five homeowners have to borrow to pay unexpected expenses related to their property, although 24% claim to have a rainy day fund, according to Bankrate.

Unusual spikes in property taxes and insurance in many areas are causing servicing concerns that mortgage companies may not be used to managing.

There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.

Above and beyond the obvious damage, wildfires levied a hidden cost on the finance industry: Mortgage lenders and investors lost more than $30 billion between 2020 and 2022, due to both accelerated defaults and prepayments following disastrous blazes.