I know you want a fair and accurate home insurance quote. Of course, you do! Everyone does. But sometimes there are changes to the markets that may eventually lead to rising insurance costs down the road: things that cannot always be predicted. Other times, the predictions are made, and you can bet that your premiums are likely to rise in the future because of predictions that are currently being made. A fitting example of this is the fact that home insurance quotes are predicted to go up in the future due to climate change.
According to recent reports, if climate change continues its current trajectory, the world is much more likely to see large-scale disasters more often, especially along coastal regions, where the effects of super-storms are compounded by storm surge. (At this point, all Floridians should be sitting up and taking notice!)
This, of course, could lead to higher premiums for all:
A recent study by Climate Central suggests 147 million to 216 million people worldwide live-in areas that will be below sea level or at chronic flood levels by the end of the 21st century, including more than 3 million Americans…. Insurance companies, faced with high risk of flooding and damage resulting from this extreme weather, are expanding tactics to assess risk and insure homeowners (Nerd Wallet).
The good news is that leading firms such as Lloyds of London have been hard at work not only assessing the risks but also working to advance solutions that will not bankrupt the entire system.
In the meantime, rather than wringing your hands and waiting for doomsday, do what you can today to mitigate risk for your property. Ensure that your home has been reinforced to withstand storms: especially if you live in South Florida.
If you want to discuss options for home insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.