Risk mitigation is no longer nice to have but the foundation for a strong insurance coverage. (Credit: Drobot Dean via Adobe Stock)
Homeowners should expect a 6% increase in their insurance rates during 2024 renewals — and that's if they're lucky. This comes on the heels of the average annual rate increase by 19.8% between 2021 and 2023, influenced by inflation and the climbing frequency of extreme weather catastrophes — dozens of billion-dollar weather and climate disasters took place during this time period. Some of the largest U.S. insurance companies have even stopped writing coverages in high-risk geographical areas.
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