LANSING — Michigan homeowners are facing rising insurance costs as severe weather drives more claims across the country.
Experts say stronger storms, flooding, hail and wind damage are increasing losses for insurers, which is pushing rates higher in many states. Between 2017 and 2023, property insurance rates increased by at least 25% in 26 states, with some states seeing increases of 50% or more.
The Public News Service is reporting that researchers say the trend is also changing how insurance coverage works. Some companies are raising deductibles or limiting payouts as weather risks become harder to predict.
Experts say homeowners often underestimate their exposure to flooding and storm damage until after a disaster occurs. National data shows only about 6% of homeowners carry flood insurance, even though flooding is the country’s most common natural disaster.
Researchers advise prospective homebuyers to investigate weather risks and talk with neighbors before purchasing property.