Much of North America experiences periods of severely cold weather and is susceptible to snow and ice storms—extreme conditions that can inflict considerable damage on homes and create liability risks. Standard homeowners policies will cover most disasters that result from a freeze—but when the weather outside is frightful, it's better to minimize the potential risks. Here's how.
Homeowners insurance costs have increased since the pandemic, with a general rise in premiums occurring from 2001-2021. This is due to a combination of factors that include general inflation, replacement-cost inflation due to supply-chain issues and labor shortages, and losses related to natural disasters, which vary by state.
Consumers and policymakers should be cognizant of the dynamics underlying these price shifts and understand why insurers must be forward looking in their approach to pricing these policies.
Even as California moves to address regulatory obstacles to fair, actuarially sound insurance underwriting and pricing, the state’s risk profile continues to evolve in ways that underscore the importance of risk-based insurance pricing and investment in mitigation and resilience.
Several forces – including construction costs that outpace inflation, growing natural catastrophe exposure, and more costly reinsurance – are converging to put upward pressure on property/casualty insurance premium rates across the United States.
Holiday lights and decorations provide a festive glow, but it only takes a spark to cause a devastating fire. Triple-I offers these tips to keep your festivities merry and bright.
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