Reported 4 months ago
Due to rising insurance costs driven by climate change and housing market trends, more homeowners like Jamie Lafollette in California are finding themselves without affordable home insurance options after State Farm discontinued their policies. This is part of a larger trend where a growing number of homeowners are opting to forego insurance, with estimates suggesting 12% were uninsured in 2022. The situation is particularly challenging for those who have paid off their mortgages and are not required to have insurance, especially low-income and minority homeowners. The escalating threat of climate change and insurers pulling out of disaster-prone areas are exacerbating the problem.
Source: YAHOO