Homeowners insurance premiums have skyrocketed in recent years, following billions in damages, which has led many insurance companies to drop coverage. Average homeowners insurance premiums in the Sunshine State total just over $4,000 a year, according to a March report from Florida Today. Sen. Jeff Merkley, a Democrat from Oregan, pressed the importance of climate resilience in order to solve this insurance crisis. GOP blames spending, inflationMost committee Republicans, on the other hand, identified rising government spending and inflation as the main drivers of increased insurance prices. Grassley pointed to the increased costs of labor and materials to rebuild or repair homes, as well as more people moving to disaster-prone areas, as other factors contributing to high insurance premiums.

Source: New York Times June 07, 2024 10:10 UTC