CNS News–A recent poll conducted in Texas has revealed widespread concern among homeowners regarding the potential surge in home insurance premiums in the face of escalating risks posed by climate change-induced extreme weather events. According to the survey conducted by Redfield & Wilton Strategies on behalf of Newsweek, a staggering 89 percent of respondents expressed varying degrees of apprehension about the possibility of increased insurance rates due to heightened risks such as hurricanes and floods.
The poll, which involved 814 eligible voters in Texas, underscored the gravity of the issue as a significant majority voiced their worries about the future financial implications of rising insurance premiums. Currently, Texas stands as the state with the fifth-highest home insurance premiums in the entire nation, with an average annual cost of $4,142, significantly surpassing the national average of $2,777 as reported by Insurance.com.
Despite a slight decrease in house prices by 1.2 percent between December 2022 and December 2023, the average home value in Texas remains relatively high at $293,824 as of December 31. The survey respondents also indicated a prevailing sentiment of concern regarding escalating house prices, with 63 percent observing an increase, while 14 percent perceived them to be stable, and 7 percent believed they were decreasing.
Texas residents fear looming home insurance rises https://t.co/OGL2fRD0gS pic.twitter.com/QnT4TPCSrY
— Newsweek (@Newsweek) February 8, 2024
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The home insurance landscape in the United States is undergoing a notable shift to address the escalating risks associated with climate change. This shift is driven by the consensus among scientists that climate change will lead to more frequent and severe natural disasters. States like Florida and California, which face particularly acute risks, have witnessed significant disruptions in their insurance markets, with insurers either withdrawing from the market or restricting coverage due to heightened risk.
While Texas has not experienced a crisis of the same magnitude as Florida and California, residents are apprehensive about the potential worsening of the situation shortly. The survey revealed that 56 percent of respondents currently own homes and have insurance coverage, with 72 percent of them reporting increases in their premiums over the past year.
As climate change continues to exacerbate the frequency and severity of extreme weather events, Texas residents find themselves grappling with the looming prospect of escalating home insurance costs. The survey underscores the pressing need for proactive measures to mitigate the financial impact on homeowners and ensure the accessibility of affordable insurance coverage in the face of evolving climate risks.