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Home insurance costs soaring as climate-related events surge, Treasury Department says
A Treasury Department report has revealed that insurance costs for homeowners in areas affected by natural disasters are rising due to increased damages from severe events.
Between 2018-2022, 84 disasters caused $609 billion in damages, leading to premiums in high-risk areas averaging 82% more than in low-risk areas.
Insurance premiums have increased 8.7% faster than inflation, with nonrenewal rates and claims also higher in these regions, CNBC has reported.
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