Surging weather disasters disrupt insurance models, driving up home insurance by 23%

by Lee Stoll, KOMO News ReporterA large mudslide which occurred at the intersection of Beverly Drive and Beverly Place in the Beverly Crest area of Los Angeles damaged homes and cars on Monday, Feb. 5, 2024. Rain is expected to continue in Southern California over the next 12 hours.

According to the National Oceanic and Atmospheric Administration , there were 28 weather and climate disasters in 2023 with each costing at least $1 billion in losses. “When the trends go to the extremes, all the financial modeling that the insurance companies base their rates on gets disrupted,” said Travis Hodges, Managing Director at VIU by HUB.“When the losses do happen, all of the house values have gone up, all the labor costs have gone up all of the materials have gone up,” said Hodges.Analysts say labor costs alone are up 12% in just the last four years.According to Bankrate, the national average is $2,151 to insure a property worth $300,000.

Premiums in Tacoma are slightly higher than in Seattle and Bellevue. But rates are expected to rise another 6% by the end of this year.Bundle your home and auto insurance and shop around for the best rates.

Source: Insurance Report (insurancereport.net)

Weather Premiums Disasters Costs Home Rates NOAA

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Weather Lab: Ocean View students track and report the weatherIn this week’s Weather Lab, Chief Meteorologist Melissa Frey takes us to Ocean View Elementary School, where the second and third graders are not only learning about meteorology but tracking the weather daily and reporting the conditions to their classes.
Source: AKNewsNow - 🏆 460. / 53 Read more »

Your SoCal Weather Report For Thursday, April 25: Windy Conditions And Cool Weather Continues Through FridayGillian Morán Pérez is an assistant producer for LAist 89.3.
Source: LAist - 🏆 606. / 51 Read more »

Dallas weather: Risk of severe weather this weekendYou will want to keep an eye on the weather this weekend. See when the and where the chance of severe storms is highest.
Source: FOX4 - 🏆 289. / 63 Read more »

Texas weather: Texas Division of Emergency Management resources ahead of severe weather eventThe Texas Division of Emergency Management prepares state resources ahead of severe storms forecasted to bring large hail, damaging winds, and heavy rainfall, prompting warnings from Chief Nim Kidd to Texans to stay informed and prepared while state agencies standby for emergency response operations.
Source: FOX26Houston - 🏆 448. / 53 Read more »

Seattle Weather: Saturday's Weather WhiplashWhat a crazy day for Western Washington today! Morning sunshine and mild temperatures climbing into the 70s thanks to our offshore winds. Then, within a few hours, temperatures dropped into the 50s behind a gusty, strong cold front.
Source: fox13seattle - 🏆 328. / 59 Read more »

Seattle weather: More warm weather aheadHighs Friday will warm into the upper 60s to low 70s around Western Washington.
Source: fox13seattle - 🏆 328. / 59 Read more »