Scientists have claimed for decades that climate change is coming, and the changes to today’s home insurance policies are a sure sign that it’s here. Climate change unfolds differently in specific regions, but many coastal cities have already seen considerable changes to home insurance policies, or they will soon.
Mothers wanting to protect their families from the effects of climate change should read how it can impact their home insurance to best ensure they are protected.
Reader's Roadmap
Home Insurance is Getting More Expensive
Cities in regions like Florida are already experiencing sharp rises in home insurance costs attributed to natural disasters such as hurricanes, floods, and fires caused by climate change. On a basic level, as the risk of a disaster rises, so will the price of insurance, as this changes the underlying calculus company actuaries use to assess risk.
Is a Bubble Underway?
In Florida alone, four private home insurers have already left the state, while 12 have folded altogether as the payouts due to climate change-related storms eclipsed the price of home insurance. Remaining homeowners need to pay more for insurance as a result, but that isn’t the only negative outcome.
States including Florida, California, and Louisiana could suffer even worse insurance woes if they suffer another natural disaster. As the risks associated with disasters rise, so does the price of home insurance, but also homes themselves, and the costs for banks to provide mortgages.
A chain reaction could affect not only the home insurance industry, but also the housing industry and the broader economy. Forest fires are already at an all-time high in Canada, continuing to worsen each year due to the changing climate. Insurance claims continue to rise, and often, the insurance companies do not have the time to assess each claim in a timely and/or fair manner. To have someone on your side advocating for your interests and fair settlement, consider hiring an insurance lawyer.
Insurance Lawyers by Your Side
As the home insurance industry reckons with climate change, leading insurance lawyers like Virani Law offer homeowners protection by ensuring they get the maximum compensation from their policy. They also help submit the paperwork correctly and on time so that when insurance companies look for ways to reject or reduce the claim, they will not find any.
Unlike insurance adjusters who work for the insurance company, insurance lawyers work solely for you. They know the fine print in your policy and are familiar with various tricks that companies use to wriggle out of making payments.
Homeowners whose property has been damaged or destroyed by a natural disaster are not likely to be in the mood to sort through complicated paperwork, especially when there’s a lot of money riding on its outcome.
Safety Measures for Now
Before worrying about if climate change puts your home at risk, you should check to see what potential risks are in your specific area. Is your home in a flood zone or near forest fires? Coastal cities are not the only ones at risk.
There are reports you can order to check if your home is in a safe area. Your local city hall may also provide useful information on the topic, though you should be mindful that they don’t offer guarantees under the law.
Climate change has affected many social, commercial, and economic aspects of modern life. On a macro level, society needs to develop a healthy response. Individually, a comprehensive home insurance policy is a great way to keep you, your family, and your home safe. If disaster does strike your home due to climate change, use the help of an insurance lawyer to help your family recover from the loss through your insurance claim. There is no better time to seek professional advice when there is so much at stake.