Flood insurance claims in California soared nearly 211% in 2023, reaching an all-time high of more than $59.3 million, according to National Flood Insurance Plan (NFIP) data. And despite severe flooding and storms that caused nearly $5 billion in damages last year, the number of Californians with NFIP policies decreased in 2023.
The National Flood Insurance Program (NFIP) paid out $913 million to U.S. homeowners last year, and $629 million of that went to residents in Florida. Major flooding from hurricanes and storm surges caused most of the payouts.
Pittsburgh, Cleveland, and Syracuse are among the best cities for homeowners concerned about climate change. Florida cities account for six of the worst.
The Connecticut Insurance Department recently reminded homeowners insurance companies in the state that looks aren’t everything — especially when it comes to roofs. In a March 19 notice, the department warned insurance companies that they can’t use cosmetic roof conditions, like streaking or discoloration, as justification for refusing to renew a home insurance policy.
Severe flooding caused the National Flood Insurance Program (NFIP) to pay out $4.6 million to Rhode Island homeowners in 2023, findings show. That figure is 417 times higher than the $11,000 FEMA paid out in 2019.
Florida, Louisiana, and Oklahoma are among the states with the highest home insurance rates in 2024, influenced by climate catastrophes and rising repair costs.
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California’s home insurance market took another hit on March 20, when State Farm, the largest home insurer in the state, announced it won’t renew about 30,000 homeowners policies and 42,000 landlord policies beginning July 3.
An investment of over $500,000 by the town of Salisbury, Massachusetts, to restore its sand dunes and protect the community from battering tides is gone, swallowed by a pair of record storms over 72 hours in early March.
Wondering if you need replacement cost coverage for home insurance? Learn how replacement cost coverage works, how much it costs, and who should have it.
Learn more about flood insurance in New Jersey to see if this coverage is right for you.
If you’re having trouble getting home insurance coverage, learn what to do to help you secure a policy for your home.
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