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The Conversation
Environment
Andrew J. Hoffman, Professor of Management & Organizations, Environment & Sustainability, and Sustainable Enterprise, University of Michigan

Why home insurance rates are rising so fast across the US – climate change plays a big role

Insurance United States Climate Change Florida Hurricane
The U.S. has seen a large number of billion-dollar disasters in recent years. AP Photo/Mark Zaleski

Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.

To add insult to injury, those rates go even higher if you make a claim – as much as 25% if you claim a total loss of your home.

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