(Arkansas Business)
Average property insurance premiums have risen by more than 30% since 2020, the National Bureau of Economic Research said in an Oct. 1 report.
It also noted that the increases vary widely by location. “Premiums have risen the most for homeowners in areas with the highest risk of natural disasters such as hurricanes or wildfires,” it said.
“While premiums have always been higher in riskier locations, the relationship between disaster risk and premiums has grown stronger over time. If present trends in the incidence of natural disasters continue, premiums are likely to continue to rise.”
Sign up for Daily E-news
