“Insurance companies raise rates as much as 20 or 30 percent in high-risk areas compared to low-risk areas,” says Brian O’Connell, a senior insurance analyst at InsuranceQuotes.com in Bucks County, Pa. “Buyers should expect to see rates increase as we see more floods, fires and heat waves. Alternatively, some insurance companies may simply get out of the business, which could also increase costs because of the lack of competition for customers.”
InsuranceQuotes Expert Speaks on Climate Change and Home Insurance
