Droughts and wildfires. Floods and hurricanes.
As the losses from these natural disasters skyrocket, a growing number of insurance companies are declining to offer or renew coverage in California and Florida, leaving 60 million Americans with dwindling options to comprehensively and affordably protect their livelihoods.
The numbers tell part of the story: In California, there have been eight disaster events since 2020 that have caused between $20 billion and $50 billion in damages combined.
In Florida, 16 severe storms or hurricanes since 2020 have caused between $100 billion and $200 billion in damages. That includes Hurricane Ian, which has emerged as the third-costliest storm in U.S. history.
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The retreat of household-name insurance companies is one reason homeowners in Florida and California are seeing eye-watering increases in premiums — raising fresh questions about whether the already oaring cost of living in these two states is sustainable for its residents.
Read the full story on NBCNews.com here.
