Climate Change Drives Up Home Insurance Costs, Threatening Housing Affordability.
This Senate Resolution formally acknowledges that the increasing frequency and intensity of natural disasters, linked to climate change, are drastically raising home insurance premiums for US homeowners. These rising costs, which have more than doubled in a decade and outpace inflation, significantly increase mortgage burdens and threaten housing affordability. The resolution warns that failing to address climate change will exacerbate the financial strain on property owners.
Key points
Home insurance costs have more than doubled in the last decade (2013-2022) and are rising 40% faster than general inflation.
The Senate recognizes that climate change is the primary factor driving these premium increases, making homeownership less affordable.
Annual insured losses from natural disasters now exceed $100 billion, directly contributing to higher premiums nationwide.
Status:
Introduced
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