All the down-income policyholders will be struck harder due to the rising insurance premiums. The frequency of natural disasters anticipated due to climate change increases the insurers and pull out some of the coverage areas. They witnessed and discussed right before the senate panel on Thursday.
Norris added in her testimony right before the Senate Banking Committee….
“We have seen our property and casualty insurance costs (increase) 400% in six years,” said Michelle Norris, executive vice president of external affairs and strategic initiatives for National Church Residences, a nationwide affordable senior housing organization.
“Even developers and owners with very large portfolios, like ours, have little bargaining power in today’s industry,”
Many insurance companies have already stopped the addition of new policies in states like Florida, California, and other areas that are heavily affected by climate-related events. For this disaster recovery is becoming much harder for the people in this region according to financial experts. The average cost of property insurance has soared in recent years.
Sen. Elizabeth Warren, D-Mass., a committee member said,
“Without insurance, millions of families will be at greater risk for climate crises,”
“And as whole communities lose access to insurance, the impact is going to be felt all the way through our economy.”
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