A report from NewsBusters drew attention to recent analyses from mainstream media sources, which claimed that climate change is causing surging home insurance rates.
Brian Cheung from NBC News said, “The costs of owning and maintaining a home have soared, up 26% since 2020 according to one analysis. And home insurance is a major piece. That’s up 20%. One of the reasons, climate change.”
“Last year, the United States had a record 28 separate weather and climate disasters costing at least $1 billion, with insurance companies losing money in 16 states,” he continued. “And now many insurers are dropping customers from their policies, sometimes leaving entire states.”
CBS News called for homeowners to “weather proof” their homes to avoid damages and costs from so-called climate change.
Jo-Ling Kent from CBS News said, “To lower your insurance costs, consider bundling your home and auto insurance, investing in weather proofing your home, including storm windows and drains, and shop around for quotes. Little things that can lead to big savings.”
Climate change is not to blame for home insurance costs, but inflation.
According to the Heritage Foundation, using climate change as the primary culprit for insurance rates is a “good cop-out for progressives to use though instead of addressing the real culprits.”
“Roughly one-third of all dollars in existence were created in just a few years,” said Heritage Foundation research fellow Dr. EJ Antoni.
Because it “now takes more dollars to purchase products and services,” repair and replacement costs have increased throughout the economy which has “directly contributed to higher insurance premiums and losses for insurers and reinsurers alike,” Antoni explained.
