How climate change affects your insurance
Growing evidence suggests that the worsening effects of climate change are causing droughts and severe weather such as heavy rain, hurricanes, tornadoes and floods.
Natural disasters can destroy homes, cars, businesses and crops, leading to an increase in the number and severity of insurance claims.
As a result, insurers in some parts of the country have stopped offering certain types of insurance coverage and many insurers have limited the types of coverage they offer. This has also led to higher insurance premiums that are often unaffordable for consumers. As a result, some consumers buy policies that don’t provide as much coverage as they need, while others go without insurance.
Climate change is not just a property and casualty issue. It can also affect consumers’ health. Poor air quality can lead to an increase in the number of people with asthma, which can also lead to an increase in health insurance claims.
Watch Commissioner Kreidler explain how climate change affects insurance on TVW's The Impact (www.tvw.org).