Bad Policy News: How Extreme Weather and Hacks Impact Your Home Insurance
Thursday, 10 October 2024, 20:27
Extreme Weather Events
Extreme weather, including hurricanes and wildfires, is creating bad policy news for homeowners nationwide. Insurance companies are reacting to a trend of increasing claims caused by these disasters.
The Rise of Insurance Costs
Data shows that projections indicate the average annual full-coverage car policy in the U.S. will peak at $2,469 by the end of 2024. Home insurance costs are expected to follow a similar trajectory due to climate factors.
Cybersecurity Threats
- Hacks and security breaches are affecting insurance valuations.
- Breach recoveries can lead to higher premiums.
What Homeowners Can Do
- Consider reviewing your current policy for coverage options.
- Increase your home’s resilience against extreme weather.
- Stay informed about bad policy news in the insurance sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.