FAQs
Newsweek: "Florida Could Soon Become Uninsurable—and Other States Will Likely Follow" RFF Fellow Penny Liao is quoted several times in an article about the increasing risks of insuring properties that often face the brunt of climate-related disasters.
What states are becoming uninsurable? ›
California, Florida and other wildfire states are rapidly becoming uninsurable | Fortune.
Why is Florida uninsurable? ›
The insurance industry is raising rates, demanding higher deductibles or even withdrawing coverage in regions hard-hit by climate change, such as Florida and Louisiana, which are prone to flooding, and California because of its wildfire risk.
How hot will Florida be in 2050? ›
Polsky said that by 2050, under high greenhouse gas emission scenarios, Florida will have more than 50 days per year with temperatures over 95 degrees, and a “feels=like” heat index temperature increase of 8 to 15 degrees—the highest in the country.
Are insurance companies pulling out of Florida? ›
In simple terms, insurance companies are leaving Florida because it's best for their bottom line. When an insurance company is paying out more in claims than it's taking in, they run the risk of not being able to pay out any claims at all.
Is Florida going to be uninsurable? ›
Newsweek: "Florida Could Soon Become Uninsurable—and Other States Will Likely Follow" RFF Fellow Penny Liao is quoted several times in an article about the increasing risks of insuring properties that often face the brunt of climate-related disasters.
Is the US becoming uninsurable? ›
While California is a prime example of the uninsurable housing market, other regions are struggling too—particularly Florida, Texas, and the entire mid-Atlantic region (which includes Delaware, Washington, D.C., Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia).
Will Florida become unlivable? ›
Scientists expect the lower third of the state to be underwater by 2100, according to The Guardian. There are a lot of different scenarios and estimations when it comes to rising sea levels, and some are severe. “In some scenarios, sea levels will rise up to 31in (79cm) by 2060,” The Guardian reported.
What will Florida look like in 30 years? ›
A task force of experts from the National Oceanic and Atmospheric Administration and NASA forecast that coastal flooding in Florida will increase rapidly over the next 30 years. By 2050, the sea level may rise by up to 18 inches.
Is AAA pulling out of Florida? ›
The Auto Club Insurance Company (AAA) of Florida has announced that it will not renew a “very small percentage” of auto and home insurance package policies in Florida. But, the insurer stressed, it is not leaving the state — it's just trying to manage its risk. In fact, it plans on growing its business in the state.
Some 11.9 percent of homeowners in the Sunshine State who told Redfin that they plan to move in the next year said they were doing so because of climbing insurance costs, roughly twice the number of U.S. homeowners who, on the national level, are planning the same (6.2 percent).
What is the new insurance law in Florida in 2024? ›
Flood Insurance Mandates (These changes became effective on May 13, 2024, the day Governor DeSantis signed the bill.) Citizens policyholders who must purchase flood insurance as a condition of eligibility for Citizens are no longer required to purchase flood coverage for personal contents.
What states are dropping insurance? ›
In California, many major insurers have canceled policies or stopped accepting new applications due to wildfire risk. Regulators there have proposed a rule that would allow companies to incorporate climate change projections into the models they use to set their rates.
What are the 5 most uninsured states? ›
To wit, five states have uninsured rates of 10.0% or greater, with Mississippi leading the charge at 15.9%. Runners-up include Texas, Georgia, Tennessee and Kansas, all of which, along with Mississippi, are states without expanded Medicaid, Sangameshwar notes.
What states is it illegal to not have car insurance? ›
In every state — except for Virginia and New Hampshire — drivers are required to carry some form of auto insurance. If you get caught driving without insurance in state that requires it, you can be subject to large fines, the cancellation of your license or car registration and even jail time.
What states are insurers leaving? ›
As well as leaving America's most populous state, American National has plans to cease offering homeowners' insurance in an additional eight states, including Arkansas, Colorado, Louisiana, Minnesota, Oklahoma, South Carolina, South Dakota, and Washington.