WASHINGTON – Homeowners in areas most at risk of damage from hurricanes, wildfires and other climate hazards pay much more for insurance than those who live in less exposed areas, according to a U.S. Treasury Department study released on Thursday.
The survey found that homeowners living in higher-risk areas paid 82% more in premiums on average between 2018 and 2022 than those living in areas less likely to be affected by damaging weather events.
Those who lived in the riskiest areas were also more likely to be dropped by their insurers, the study of more than 246 million homeowners insurance policies found.