Americans face an insurability crisis as climate change worsens disasters – a look at how insurance companies set rates and coverage

Hurricane Beryl tore up homes in Freeport, Texas, in July 2024. Brandon Bell/Getty Images)

Home insurance rates are rising in the United States, not only in Florida, which saw tens of billions of dollars in losses from hurricanes Helene and Milton, but across the country.

According to S&P Global Market Intelligence, homeowners insurance increased an average of 11.3% nationwide in 2023, with some states, including Texas, Arizona and Utah, seeing nearly double that increase. Some analysts predict an average increase of about 6% in 2024.