U.S. Senator Tina Smith released a report on the home insurance crisis, highlighting a 45% premium increase since 2019 and the role of climate change.
- Premiums now exceed 10% of typical mortgage payments, up from 5% sixteen years ago. - Minnesota saw a 34% rate increase last year, the highest in the nation.
- The report proposes 28 policy solutions, including risk reduction and insurance system reforms. - Experts warn of potential mortgage unavailability in high-risk areas within 10-15 years.
The report calls for federal action to address affordability and protect homeowners from climate-driven disasters and industry profiteering.