How climate change could make your home harder to insure

By Sarah Schlichter | NerdWallet

For example, a warmer atmosphere brings more evaporation, heavier rainfall and rising sea levels — all of which could increase your home’s chance of flooding.are happening more often and burning longer, says Kimiko Barrett, a wildfire research and policy analyst at Headwaters Economics, a nonprofit research group.

“We’ve been building in flood plains. We’ve been building too close to the riverbanks, to lake banks, too close to the shore,” he says. Many homes are also going up near forested areas prone to wildfires. In recent months, State Farm and Allstate have stopped selling new homeowners policies in California, citing rising catastrophe risk as one reason. Numerous carriers have gone out of business or withdrawn from the home insurance market in hurricane-prone Florida and Louisiana over the past few years, leaving homeowners with fewer options.

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