Climate change has increased the cost of insuring some homes.

By The Exchange Team

As climate change causes more natural disasters, homeowners' insurance costs rise.

“These things are happening more often and creating more damage,” said Jeremy Porter, CRO at First Street Foundation.

According to NOAA, There were 20 billion-dollar U.S. natural disasters that costed $145 billion in 2021.

Climate events, rising rebuilding costs, and labour shortages after natural disasters raised homeowners insurance prices.

"We're seeing big jumps," said Pat Howard, the managing editor at Policygenius and a licenced home insurance expert.

90% of U.S. homeowners saw rates rise from May 2021 to May 2022, averaging $134 more per year, according to Policygenius.

The average rise is 12.1% nationwide, but it's larger in disaster-prone areas like Arkansas, Washington, and Colorado.