Hail and wind risk are causing expensive insurance claims. Many insurers are passing some risk to policyholders through higher storm deductibles.
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Climate catastrophes are driving insurers and homebuyers out of high-risk areas like Florida, but the American dream of homeownership lives on in less disaster-prone states.
Smaller, More Frequent, and Severe Storms Are Growing Threats to Homeowners, Report Finds | Insurify
Damaging hail of 2 inches or more fell on more than 567,000 single- and multi-family homes in 2024, according to a CoreLogic report.
Damaging hail is driving up insurance rates as storms become more frequent and severe. Missouri, Illinois, and Indiana have seen the most significant rise in risk.
Minnesota had the biggest increase in average full-coverage rates last year, at 58%.
The proportion of the population exposed to flood risk has consistently grown since 1975, and the number continues to increase.
Progressive continues efforts to mitigate losses in hail-prone areas by halting new policies in certain states. Learn more.
Hurricane Beryl cost the state’s wind insurer more than half of its catastrophe reserves, and caused billions in insured and economic losses.
Most of the western and central portion of the Black Belt may see severe weather on Friday at 6 a.m. until 6 a.m. on Saturday.
Severe weather for parts of the Black Belt is possible on Wednesday afternoon to Thursday evening.