U.S. — Insurance costs are on the rise for many homeowners, CNN reports.
According to data released by the treasury department this week shows homeowners insurance costs increased nine percent faster than inflation from 2018-2022.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
Officials attribute the spike to extreme weather events such as recent hurricanes and current wildfires in California.
The report shows 20 percent of homes in zip codes judged to be at greatest risk for extreme weather paid an average of more than $2,300 a year in premiums.
TRENDING STORIES:
- GA State Sen. Colton Moore charged with obstructing law enforcement officers
- 2 arrested after Navy veteran shot to death over $200 outside Atlanta home
- Smyrna PD searching for man who tried to hold up check cashier business
That’s 82 percent higher than the rates paid by homeowners living in areas with the lowest climate risk, CNN reports.
Homeowners living in high-risk areas are 80 percent more likely to have their policies canceled by insurance companies, according to the report released by the treasury department.
[SIGN UP: WSB-TV Daily Headlines Newsletter]