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The homeowners insurance affordability index is estimated to reach a record high of 2.4 percent in 2024, according to a recent report.
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Following the Los Angeles wildfires, the North Carolina floods, and the Midwestern tornadoes, new data from the Federal Reserve and the Census Bureau indicate that a growing number of Americans lack homeowners insurance or struggle to afford it.
These reports correspond with a private-sector survey that highlights how homeowners insurance is becoming more expensive and harder to obtain for millions of Americans, as the costs associated with natural disasters, fraud-related expenses, and other ongoing factors pose increasing challenges for both insurers and their customers.
