Kitchen Table Issues: Climate Change Hits Home

As of August 8th, there have been 19 confirmed weather/climate disaster events with losses exceeding $1 billion each in the U.S. 
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Homeowner’s insurance was unprofitable in 18 states last year, up from eight in 2013. Most of those states are in the interior of the country, hit by severe storms and hail in the Midwest and Southeast, and wildfires in much of the West. 

In response to those losses, insurers have raised premiums, narrowed coverage, dropped customers, and even entirely withdrawn from some states.

​In Georgia, insurers lost money on homeowners’ insurance in five of the last seven years.  In 2023 alone, the state was affected by 14 separate billion-dollar disasters, more than any state except Texas.
Georgia is in the top 10 states for adverse effects from climate change like extreme heat, drought, wildfires, inland and coastal flooding.  

The Insurance Information Institute released statistics showing the national average for home insurance premiums as $1272. Numbers from the Insurance Information Institute, Georgia, was almost $100 more expensive at $1362. Georgia experienced the 7th highest hike in home insurance premiums in 2022.