Insurance coverage has become less available and more expensive in areas with the highest expected losses from climate-related perils, the Treasury Department’s Federal Insurance Office found in a new analysis released Thursday.
The report includes ZIP-code-level information aggregated from 2018 through 2022, which covers 330 insurers and more than 246 million policies. The dataset represents approximately 80 percent of premiums written by private homeowners insurers for the two most common forms of homeowners insurance policies.
The report’s release comes in the wake of recent, severe natural disasters like the ongoing Los Angeles fires and Hurricane Helene in September of last year, among others.
One of the main goals of the undertaking is to encourage collaboration and to continue to share this kind of data, subject to being able to protect the confidentiality of individual insurers and the confidentiality of individual consumers. The National Association of Insurance Commissioners and state insurance regulators collaborated with the FIO to create the new homeowners insurance report.