Westchester County Home Insurance up 57.1% from 2020

Home Insurance Premiums by County Since 2020

California’s battle with recent wildfires has resulted in the deconstruction of more than 57,000 acres and 16,000 structures, estimating $35 – $45 billion with insured losses. Before the fires began, insurance non-renewal rates had been climbing nationwide, with Florida bearing the brunt — home to 9 of the 15 counties experiencing the largest premium increases between 2020 and 2023, according to ResiClubIncreasing disaster risks, combined with pandemic-driven spikes in housing and construction costs, have pushed insurance premiums and repair expenses higher — and Westchester County is also feeling the impact. Here’s how:

  • 2023 Non-renewal rate: 0.54%

  • Median insurance premium paid in 2020: $2,460.38

  • Median insurance premium paid in 2023: $3,866.29

  • Westchester County’s change 2020 - 2023: 57.1%

Ralph’s Take

Affordable homeowners’ insurance is becoming a thing of the past. As climate disasters grow more frequent and severe, insurers are either raising premiums or withdrawing from high-risk areas altogether. Without meaningful intervention or industry reform, homeowners will face fewer coverage options and rising costs. However, new tools are emerging to assess climate risk ratings for properties on the market. To avoid surprises, it's wise to consult with your insurance agent early in the home-buying process.

Posted by Ralph Ragette Jr on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.