A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says.
Waves of severe thunderstorms in the U.S. during the first half of this year created an unprecedented level of financial damage in such a short time, according to Swiss Re Group, as climate change contributes to the frequency and severity of violent meteorological events.
Flood insurance premiums figure to increase for thousands of Connecticut residents when the federal government implements a new rate system, some by as much as $100 per month — but most by up to $10 monthly.
Because of climate change, Spencer Glendon – a senior fellow at the Woodwell Climate Research Center, one of the world’s most respected climate think tanks – said recently that it may not be long before every homeowner in the country will need flood insurance.
Connecticut’s building codes earned high marks for keeping its buildings resilient against storms in a new report from the Insurance Institute for Business & Home Safety.
Realtor.com has become the first major home listings site to integrate a flood risk map into each property in its database.
Many – if not most – homeowners aren’t prepared for a flood, tornado or other natural disaster. And neither, apparently, are their insurance companies.
On an exclusive Connecticut peninsula, where signs warn outsiders to stay off private roads, eight multimillion-dollar homes with sprawling yards along Long Island Sound are poised to become eligible for taxpayer-funded disaster aid.
