Best Of: How Climate Change Factors Into Home Insurance Pricing
1A
NPR
4.3 • 4.5K Ratings
🗓️ 12 June 2023
⏱️ 36 minutes
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Summary
Homeowners are feeling the effects. Between 2021 and 2022, 90 percent of them saw an increase in their home insurance premiums, according to a Policygenius report.
Earlier this month, Colorado Democrats introduced a bill that would offer homeowners state-run insurance if private companies declined to cover them. The move comes in response to the growing wildfire risk in the state.
We discuss homeowner's insurance in high-risk areas and whether or not it's the right answer.
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Transcript
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| 0:00.0 | Climate disasters have a hefty cost. The biggest is human life. But there's an economic |
| 0:13.6 | price too. In 2021, structural damages from wildfires, floods, and other climate-related |
| 0:20.2 | disasters totaled $145 billion. That's according to the National Oceanic and Atmospheric Administration. |
| 0:29.0 | The change means these disasters are becoming more destructive and more frequent. Now homeowners |
| 0:34.4 | are paying the price for the increased risks. Between 2021 and 2022, 90% of homeowners saw |
| 0:41.6 | an increase in their home insurance premiums, according to a policy-genius report. The |
| 0:47.0 | states that saw the steepest price increases were areas prone to severe weather, including |
| 0:51.6 | Arkansas, Texas, and Colorado. Earlier this month, Colorado Democrats introduced a bill |
| 0:57.4 | that would offer homeowners state-run insurance if private companies refuse to cover them. The |
| 1:02.9 | move comes in response to growing wildfire risks in the state. Many states already have similar |
| 1:07.8 | programs, but state insurance is often more expensive and offers a limited coverage. What |
| 1:13.4 | right do people have to homeowners insurance, particularly in high-risk areas, as insurance |
| 1:18.8 | the answer to a worsening climate problem? And at what point does someone decide the price |
| 1:23.5 | of living in a place is just too high? We'll answer those questions and get into so much |
| 1:28.0 | more after the break. I'm Jen White. You're listening to the Wattie Podcast where we get to the |
| 1:32.8 | heart of the story. We'll be right back. Let's get into the conversation by welcoming Roy Wright. |
| 1:42.8 | He's the president and CEO of the Insurance Institute for Business and Home Safety. That's a |
| 1:48.0 | non-profit scientific research organization. He's also a former FEMA official. Roy, it's great to have you. |
| 1:53.6 | Great to join you. Also with us from Montana is Camico Barrett. She's a research and policy |
| 1:59.2 | analyst at Headwater Economics. That's a non-profit research group working to improve community |
| 2:04.0 | development and land management decisions. Can we welcome? Pleasure to be here. And Jeremy Porter. He's |
| 2:09.8 | the head of climate implications at the First Street Foundation. That's an organization focused on |
... |
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