At least five major property insurers in the U.S. have shared with regulators that they are restricting the coverage of homes in certain areas, explicitly excluding some covered events and raising premiums as a result of severe weather and climate events.
Water shortages, risks of wildfires, flooding and hurricanes and tornadoes, are impacting more homeowners and areas in the U.S. Insurance will play a huge role in future growth of these communities, beyond residents’ willingness to live in such areas.