Home Insurance Premiums: Democratic Candidates Talk Effects of Climate Change

Climate Change is a term that hit the scene in 2006 with the release of Al Gore’s “An Inconvenient Truth”. Since then, the topic has been the subject of heated debate. There are many disagreements on the causes and solutions to this problem. Science has shown us the impact of human behavior. And now we are feeling the effects. In addition to the significant costs to homes and properties, many have paid the ultimate price of their lives. For many, it seems like this does not apply to them. Recently, home insurance premiums have begun rising with the sea level.

Home Insurance Premiums on the Rise

The increasing incidence of severe weather events has made the effects of climate change very real for a lot of Americans. Climate change finally earned some political focus. This was inspired by the tragedies experienced by many areas of our country. To be specific, the issue was addressed for roughly 13 minutes during the final Democratic primary debate in December 2019. Among other things, they discussed the “hot” topic of rising home insurance premiums.

Costs Increase with the Temperature

Several of the candidates incorporated their personal experience into their responses. For example, Pete Buttigieg, the Mayor of South Bend, Indiana, talked about his home. He said, “I live right by the river. My neighborhood flooded… I know what’s at stake and it’s why I insist that we act.” Thus, he knows the costs associated with repairing damages to your home. Many around the country feel his pain with the added stress of seeing their home insurance premiums trending upward with global temperatures.

In addition, Senator Amy Klobuchar from Minnesota talked about the “unprecedented flooding” in the Midwest. She insisted that it is not merely “flyover country” to her, because she lives there. Therefore, she has direct, personal experience with the effects of climate change, which she referred to as an “existential crisis”. Beyond that, she even cited a 50% increase in homeowners insurance in the last few years.

What are the Costs?

As cited in a PBS article by Gretchen Frazee, the National Oceanic and Atmospheric Administration reported that “a total of 219 weather and climate events cost $1.5 trillion from 1980 to 2017”. This number is overwhelming, but you might be wondering what this means for you as a homeowner. If we break it down by type of natural disaster, the costs are significant. According to Home Advisor, addressing damage from fires and smoke can cost approximately anywhere from $3,000 to $20,000.

Take a Look at Your Home Insurance Premiums

You need to know what your policy covers, so you can know how to prepare. For example, according to an article from Business Insider, standard homeowners’ policies do not usually cover earthquakes. Thus, if you live in an area vulnerable to earthquakes, you might need additional coverage. You might also want to consider taking precautionary action such as retrofitting your home, the average cost of which is about $4,000.

Due to climate change, weather is getting more and more unpredictable. When you own a home, being prepared is crucial. As the saying goes, you never know when lightning is going to strike. And, of course, every part of our country is vulnerable to lightning. According to Home Advisor, a single strike can result in costs averaging $8,000. Would you be able to pay for repairs without specific insurance coverage for this?

Can You Afford Higher Home Insurance Premiums?

Imagine that your home becomes affected by a major storm or natural disaster. If the damage is severe enough, you and your family might have to relocate. Repairs could take much longer than expected. Filing a claim can be a complicated process. Before you have to face this harsh reality, make sure you are covered. Plus, how much will they make you pay? How much will a disaster affect your home insurance premiums? In addition, you should search for an insurance company that makes it easier by offering claim management. The first step is always to assess your own needs. Are you in a high-risk area? What natural disasters could you experience? This will help you know what kind of coverage you need when you turn to Insuravita for a quote. 

Auto Listings
Motorcycle Listings
Life Listings
Health Listings
Home Listings
Small Business Listings

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Life Insurance Needs Assessment: Top 5 Reasons You Need Life Insurance

November 24, 2019

We are all guilty of procrastinating every now and then. Especially when it comes to the somewhat morbid topic of life insurance. We all know that our death is an…

Read More

Health Risks and Insurance Costs of Vaping: Is It Really “Cool to Vape”?

November 14, 2019

For decades, smoking has been advertised as cool, sexy, and trendy. With the invention of the e-cigarette, tobacco companies did not stray from their tried and true marketing strategy. Plus,…

Read More

Evaporated into Thin Air: Unseen Effects of Vaping on Health Insurance

October 31, 2019

Among many of the world’s new inventions, e-cigarettes have become a new craze. A recent article from Reuters reported that roughly 1 in 20 Americans are currently vaping or using…

Read More

Save on Car Insurance: Top 5 Ways to Secure a Cost-Effective Auto Policy

October 17, 2019

We are all trying to save more money, but sometimes there don’t seem to be any areas to cut back. One avenue to explore is ways to save on car…

Read More

All Risk Home Insurance Coverage: It’s a Risky Business to Go Without

October 15, 2019

We have all heard the horror stories about people not buying specific insurance coverage and then losing their homes to a tragedy. After an earthquake in California, our neighborhood chat…

Read More

Gap Coverage 101: What You Need to Know About Health Insurance

August 22, 2019

Mind the Gap There are several situations in life that cause people to either change their health insurance, end their health insurance, or have a gap in coverage. I recently…

Read More

Motorcycle Insurance 101: First Time Riders

August 13, 2019

The Cool Commuter When you think of motorcycles, a few things come to mind. Typically, they are thoughts related to the Sons of Anarchy. However, there are actually a lot…

Read More

Could a Hybrid be the Answer to Your Commuter Blues?

August 13, 2019

If you are a commuter that drives into work or school daily, then you may have noticed that there are more cars on the road than ever before. Big cities…

Read More