Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas, potentially affecting home values amid cripplingly high premiums. In the car insurance sector, drivers faced billions in claims last year, with the Association of British Insurers (ABI) reporting a record payout of £9.9 billion in 2023. Despite this, average car insurance costs have surged by 34%, significantly outpacing the 18% rise in motor claims payouts, amid an 'Insurance Apocalypse' driven by out of control inflation. This discrepancy is stark compared to the modest increases in car premiums in Italy, Spain, and France. The use of drones by insurance companies to find reasons to cancel home insurance policies and the refusal to insure densely populated Californian neighborhoods highlight the growing crisis in the insurance industry. This situation is contributing to a potential systemic impact on home values, local economies, and the broader capacity to own property.
US Home Insurance Premiums May Hit a Record This Year, Report Warns https://t.co/M9llryr4Co
Why auto insurance rates are skyrocketing in the U.S. https://t.co/QzyeOYiq0F
It starts with insurance rates. Then comes uninsurability. That hits mortgages. Then home values fall, hitting local economies. Hit hard enough, it becomes systemic, nationwide. We are likely seeing the beginnings of this trajectory. https://t.co/SkhUn6gBMy
“Insurers Are Spying on Your Home From the Sky” The Insurance Apocalypse has already started for auto and home insurance and is already fractured the ability to own some commercial real estate and many homes. The basis: out of control inflation. Article https://t.co/H8a4VN9yAv
Some insurance companies are telling Californians their neighborhoods are too densely concentrated to insure. Experts say it’s a symptom of the ongoing crisis. https://t.co/Ev7Ef6XA5I
Insurance companies are now using drones to find reasons to cancel your home insurance https://t.co/lMbOpm4vbM
Motor insurers paid out a record £9.9bn in car claims last year, according to the Association of British Insurers But are drivers getting a fair deal? David Connett explores ⬇️ https://t.co/71uH5dxjTP
The Association of British Insurers (ABI) admits average car insurance costs have risen by 34%, even though the amount they paid out for motor claims rose by only 18%. By contrast, car premiums over the same period rose by just 6% in Italy, 5% in Spain & 2% in France. Why? https://t.co/n7ZYx5lekx
Car insurance claims paid out £9.9billion in 2023 as drivers struggle to deal with massive price hikes https://t.co/4uh9dK59cl
Drivers handed billions in car insurance claims last year but now punished with cripplingly high premiums https://t.co/AXingepqXD
Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit https://t.co/f1gAoqROTB