Severe Weather Drives Insurance Costs Above Property Taxes in Western States
What happened
Severe weather is driving up insurance claims and premiums across Colorado, Utah, and Nebraska. A recent analysis found that the cost of home insurance plus weather-related auto insurance now exceeds property taxes in 75% of U.S. counties. Over the last decade, county-average homeowners insurance premiums have increased 45% after adjusting for inflation.
From zerohedge.com
Why it matters
The rising costs place a significant financial burden on homeowners, who now pay 14% more for property insurance than property taxes on average. In Nebraska, county-average homeowners insurance premiums have increased by 79% over the last decade.
From zerohedge.com
Who's involved
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- ColoradoSpeculative
Local governments might face increased strain on budgets due to rising disaster recovery costs.
- UtahSpeculative
Local governments could see increased financial pressure from rising insurance claims.
- NebraskaSpeculative
Localities may experience a shift of disaster recovery costs onto their budgets.
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The entities involved
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Colorado
state of the United States of America
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Utah
state of the United States of America
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Nebraska
state of the United States of America