Storms in California hit homeowners already facing an insurance crisis

The storms hitting California this week have exacerbated the home insurance crisis in the region. Insurance costs in California have skyrocketed due to the frequency and severity of climate disasters, leading to insurers abandoning the market. Homeowners in not only California but also other disaster-prone areas like Florida, Louisiana, and Texas are struggling to find affordable home and fire insurance. Nationally, home insurance premiums have increased by an average of 21% in the past year. Some insurers have even decided to pull out of certain markets entirely, making it even more challenging for homeowners to protect their assets. The affordability and availability of insurance add to the challenges faced by prospective and current homeowners in an already rough housing market. As climate change leads to more extreme weather events, the question of who should bear the cost of insuring homes against these risks remains a point of contention.