Category Archives: Homeowners Insurance

Auto Insurance, Emerging Risks, Homeowners Insurance, Insurance Industry

New Triple-I Issue Brief Takes a Deep Dive into Legal System Abuse

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The increasing frequency and severity of claims costs beyond insurer expectations continue to threaten insurance coverage and affordability. Triple-I’s latest Issue Brief, Legal System Abuse – State of the Risk describes how trends in claims litigation can drive social inflation, leading to higher insurance premiums for policyholders and losses for insurers.

Key Takeaways

  • Insured losses continue to exceed expectations and surpass inflation, notably impacting coverage affordability and availability in Florida and Louisiana.
  • In promoting the term “legal system abuse”, Triple-I seeks to capture how litigation and related systemic trends amplify social inflation.
  • Progress has been made toward increased awareness about the risks of third-party litigation funding (TPLF), but more work is needed.

What we mean when we talk about legal system abuse

Legal system abuse occurs when policyholders, plaintiff attorneys, or other third parties use fraudulent or unnecessary tactics in pursuing an insurance claim payout, increasing the time and cost of settling insurance claims. These actions can include illegal maneuvers, such as claims inflation and frivolous or outright fraudulent claims. Unscrupulous contractors, for example, seek to profit from Assignment of Benefits (AOBs) by overstating repair costs and then filing lawsuits against the insurer – sometimes even without the homeowner’s knowledge. Filing a lawsuit to reap an outsized payout when it’s evident the claims process will likely provide a fair, reasonable, and timely claim settlement can also be considered legal system abuse.

The latest brief provides a round-up of several studies Triple-I and other organizations conducted on elements of these litigation trends. The report, “Impact of Increasing Inflation on Personal and Commercial Auto Liability Insurance,” describes the $96 billion to $105 billion increase in combined claim payouts for U.S. personal and commercial auto insurer liability. The Insurance Research Council highlighted the dire lack of affordability for personal auto and homeowners insurance coverage in Louisiana, along with the state’s exceptionally high claim litigation rates.

Readers will also find an update on the discussion of legal industry trends associated with increased claims litigation. The lack of transparency around TPLF arrangements and the fear of outside influence on cases are attracting the attention of legislators at the state and federal levels. The brief also describes how some law firms may use TPLF resources to encourage large windfall-seeking lawsuits instead of speedy and fair claims litigation. Research findings suggest that consumers have become aware of how ubiquitous attorney ads can influence the frequency of lawsuits, increasing claims costs.

Florida: a case study in the consequences of excessive litigation

While several states, such as California, Colorado, and Louisiana, are experiencing a drastic rise in the cost of homeowners’ insurance, this brief discusses Florida. Property insurance premiums there rank the highest in the nation. Several insurers facing insurmountable losses have stopped writing new policies or left the state in the last few years. In some areas, residents are leaving, too, because of skyrocketing premiums.

Excessive claims litigation isn’t a new issue for insurers, but it can work with other elements to shift loss ratios and disrupt forecasts, rendering cost management more challenging. In Florida, factors such as the rise in home values and frequency of extreme weather events play a significant role, along with the challenges homeowners face in the aftermath: soaring construction costs, supply chain bottlenecks, and new building codes. However, Florida also leads the nation in litigating property claims. While 15 percent of all homeowners claims in the nation originate in the state, Floridians file 71 percent of homeowners insurance lawsuits.

In Florida and elsewhere, increasing time to settle a claim puts a financial strain on insurers, which is passed on to policyholders in the form of higher premiums. Legal system abuse activities are difficult (if not impossible) to forecast and mitigate, hampering insurers’ ability to remain in the market. Therefore, legal system abuse could be one of the biggest underlying drivers of social inflation. Without preventive measures, such as policy intervention and increased policyholder awareness, coverage affordability and availability is at risk.

Triple-I remains committed to advancing the conversation and exploring actionable strategies with all stakeholders. Learn more about legal system abuse and its components, such as third-party litigation funding by following our blog and checking out our social inflation knowledge hub.

Catastrophes, Disaster Preparedness, Disaster Resilience, Homeowners Insurance

FEMA Highlights Role
of Modern Roofs
in Preventing
Hurricane Damage

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By Max Dorfman, Research Writer, Triple-I

Homes with more modern roofs were able to avoid significant damage from Hurricane Ian, compared with those with older roofs, according to a recent study by the Federal Emergency Management Agency (FEMA).

Of the 200 homes surveyed, 90 percent with roofs installed before 2015 had roof damage, as opposed to 28 percent for those installed after 2015, when Florida imposed new ordinances regarding how roofs are attached to houses and how waterproof they need to be. Indeed, when Hurricane Ian made landfall at Cayo Costa, a barrier island in Lee County, Fla., on Sept. 28, 2022, it damaged 52,514 homes and other structures in the area, causing an estimated $55 billion in insured losses in 2024 dollars.

Some of this damage, according to the data, could have been mitigated by updated roofs.

History tells the same story

After the devastation of Hurricane Andrew in 1992, Florida took the initiative to develop innovative plans to prevent hurricane damage. These changes further came into effect in 2002, with a new focus on roofing. However, there were inconsistencies in the quality of the roofing.

“The 1970s-era homes performed better than some of the post-2002 new building code homes because of the sealed roof deck,” Leslie Chapman-Henderson, president of the Federal Alliance for Safe Homes, told The Miami Herald. “It was a nominal cost (to reinforce the roof) and a simple thing to do, but it made a huge difference.”

Now, with a renewed focus on metal sheet roofs—which bear the brunt of storms more resiliently than asphalt shingle roofs—FEMA’s data could drastically change the way in which homes are built, and how insurers are responding to fraudulent claims.

Insurance scams set progress back

Insurers are forced to raise the price of coverage in hurricane-prone areas in Florida because of a rash of schemes to deliberately damage roofs to qualify them for insurance claims, a persisting trend.

“Fraud drives insurance rates up and harms all Florida policyholders,” Citizens Property Insurance CEO Tim Cerio said. Still, implementing the changes suggested by the FEMA study may help alleviate some of the concerns posed by insurers—and help homeowners.

“When you’re looking at a home and evaluating its ability to survive a hurricane, the health of the roof is the first question to ask,” said Chapman-Henderson. “It not only increases your performance in the hurricane itself, but in the current environment it can help save you money on your insurance.”

Learn More:

Lawsuits Threaten to Swell Hurricane Ian’s Pricetag

Triple-I Issues Brief: Hurricanes

Auto Insurance, Coastal Property, Disaster Preparedness, Homeowners Insurance, Legal Environment, Market Conditions, Risk Management, Theft

Chubb Highlights Perils Keeping High-Net-Worth People Awake at Night

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According to a recent Chubb survey of 800 high-net-worth individuals in the United States and Canada, 92 percent are concerned about the size of a verdict against them if they were a defendant in a liability case – yet only 36 percent have excess liability insurance.

When it comes to liability, Chubb says respondents are most worried about auto accidents, allegations of assault or harassment, and someone working in their home getting hurt. Damage awards are rising dramatically for a number of reasons, according to Laila Brabander, head of North American personal lines claims for Chubb.

“Economic damages historically were based on factors such as the extent of an injury and resultant medical expenses or past and future loss of income,” she said. “But we are seeing a rise in non-economic damages, such as pain and suffering and post-traumatic stress disorder, that overshadow actual economic losses.”

Brabander described a case in which a client at a yoga studio fell onto the person next to her and was sued by the injured party for pain and suffering.

“The same plaintiffs’ tactics to encourage large verdicts in commercial trucking, auto liability, product liability and medical malpractice suits are now being utilized to push for larger jury awards against our high-net-worth clients,” Brabander said.

Another factor driving up the cost of settlements is the third-party litigation funding, in which firms  provide funding to plaintiffs and their lawyers in exchange for a percentage of the settlement. These private-equity firms began in the commercial space and are now funding lawsuits against individuals and their insurers.

High-net-worth people also are deeply concerned about the threats posed to their homes by extreme weather and climate-related events. Much of this concern may be due to increased development in coastal areas vulnerable to tropical storms and flooding and in the wildland-urban interface – areas in which development places property into proximity with fire-prone wilderness (see links below).

Chubb’s findings are based on a survey of 800 wealthy individuals in the United States (650 respondents) and Canada (150 respondents). Respondents had investable assets of at least $500,000, with the majority reporting assets of $1.5 million to $50 million and 12 percent reporting assets of more than $50 million.

Learn More:

Triple-I Issues Brief – State of the Risk: Wildfire

Triple-I Issues Brief – State of the Risk: Hurricanes

What Is Third-Party Litigation Funding and How Does It Affect Insurance Pricing and Affordability?

Auto Insurance, Homeowners Insurance

Louisiana Still Least Affordable State
for Personal Auto, Homeowners Insurance

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By Max Dorfman, Research Writer, Triple-I

Louisiana continues to be the least affordable state for personal auto and homeowners insurance, according to a new report by the Insurance Research Council (IRC).

The average annual expenditure for auto insurance in Louisiana was $1,495 In 2020, more than 40 percent above the national average, the report finds. These costs account for 2.93 percent of the median household income in the state, rendering it the least affordable.

Louisianans also pay significantly more for homeowners coverage compared to the national average, with an average annual expenditure of $1,965. These are among the highest rates in the country, representing 3.84 percent of the median household income in the state – 55 percent above the national average.

“The state has faced multiple major weather events, with extensive litigation following each natural disaster,” the report finds. “Rising auto-repair and construction costs, as well as the state’s relatively low household income, have compounded these issues.”

Personal auto cost drivers include:

Accident frequency: The number of property damage liability claims per 100 insured vehicles in Louisiana is 16 percent higher than the countrywide average.

Injury claim relative frequency: Louisianians show a greater propensity to file injury claims once an accident has occurred, with a relative claim frequency almost twice the national average.

Medical utilization: Louisiana auto claimants are more likely than those in other states to receive diagnostic procedures, such as magnetic resonance imaging (MRI).

Attorney involvement: Louisiana claimants are more likely than those in other states to hire attorneys. Attorney involvement has been associated with higher claim costs and longer settlement times.

Claim litigation: The rate of litigation in personal auto claims in Louisiana is more than twice the national average. This rate is the second-highest in the country, surpassed only by Florida.

Homeowners cost drivers include:

Claim frequency, catastrophe claims: The number of catastrophe claims paid for every 100 homes insured for the entire year in Louisiana is almost six times higher than the national average.

Claim severity, catastrophe claims: In the hurricane-prone region, Louisianians are second only to Floridians in the amount paid for the average homeowners insurance claim. Louisiana is 12 percent higher than the national average.

Natural-hazard risk, weather: Louisiana’s exposure to building damage from weather hazards is second only to Florida’s and is dramatically higher than other states.

Claim litigation: Claims in Louisiana were 12 times more likely to involve litigation, compared with states other than Florida.

These issues have led to the insolvency of several carriers and the departure of key insurance providers from the market. Many remaining insurers have chosen to limit coverage and raise premiums.

Louisiana has tried to address these coverage gaps through incentive programs for private carriers and a greater reliance on the state-run insurer Louisiana Citizens Property Insurance Corporation, the last-resort insurance. However, Louisiana Citizens Property Insurance Corporation can be expensive, making it unaffordable for many and especially for the state’s most vulnerable residents.

These hardships have also influenced a population decline in Louisiana, as individuals and businesses are uprooting and seeking improved affordability elsewhere. Louisiana’s population declined by almost 1 percent in 2022, accounting for nearly 39,000 people, according to a new Census estimate.

Learn More:

Louisiana Litigation Funding Reform Vetoed; AOB Ban, Insurer Incentive Boost Make It Into Law

Louisiana’s Insurance Woes Worsen as Florida Works to Fix Its Problems

Louisiana Insurance Regulator Issues Cease & Desist Order to Texas Law Firm

Hurricanes Drive Louisiana Insured Losses, Insurer Insolvencies

Catastrophes, Disaster Preparedness, Disaster Resilience, Homeowners Insurance, Risk Management

Despite High-Profile Events, U.S. Wildfire Severity, Frequency
Have Been Declining

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With record-breaking wildfires making headlines in recent years, it may be surprising to learn that U.S. wildfire frequency and severity for in 2023 are on track to be the lowest in the past two decades. In fact, the trend has been generally downward since 2000, according to a recently published Triple-I Issues Brief.

Despite catastrophic losses in Washington State, Hawaii, Louisiana, and elsewhere, California – a state often considered synonymous with wildfire – is in the midst of its second mild fire season in a row. This may be due to drought-breaking rains and snows, but Texas is experiencing fewer wildfires than in 2022, despite worsening drought conditions. About 37 percent of the continental U.S. remains under some form of drought, according to the U.S. Drought Monitor.

At the same time, Swiss Re reports that wildfire’s share of insured natural catastrophe losses has doubled over the past 30 years. How can those trends be reconciled? At least part of the answer resides in population trends – specifically, growing numbers of people choosing to live in the wildland-urban interface (WUI), the zone between unoccupied and developed land, where structures and human activity intermingle with vegetative fuels.

 Mitigation is necessary – but not sufficient

The improvements in frequency and severity are likely due to investments in mitigation. State and local authorities have invested heavily to mitigate the human causes of wildfire. In addition, the federal Infrastructure and Jobs Act of 2021 included billions to support wildfire-risk reduction, homeowner investment in mitigation, and improved responsiveness to fires. More recently, the Biden Administration announced $185 million for wildfire mitigation and resilience as part of the Investing in America Agenda, which should help continue the declines in frequency and severity.

But with more people living in the WUI – nearly 99 million, or one third of the U.S. population, according to the U.S. Fire Administration – more than 46 million homes with an estimated value of $1.3 trillion are at risk.

According to the 2022 Annual Report of Wildfires produced by the National Interagency Fire Center (NIFC), 68,988 wildfires were reported and 7.5 million acres burned in 2022.  Of these fires, 89 percent were caused by human activity and burned 55 acres per fire. By contrast, the 11 percent of fires caused by lightning resulted in an average of 563 acres burned, 10 times more than human-caused fires.

This difference may shed light on why the number of fires has been decreasing more dramatically than acres burned. Further, population shifts into the WUI are increasing the proximity of property to places prone to fire, helping to explain the rise in wildfire’s increased percentage of insured losses.

Catastrophes, Coastal Property, Disaster Preparedness, Disaster Resilience, ESG, Floods, Homeowners Insurance, Risk Management

CSAA: When It Comes
to Fighting Climate Risk, We’re All On the Same Side

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By Max Dorfman, Research Writer, Triple-I

CSAA Insurance Group – a AAA insurer – is spurring innovation in the insurance industry through several initiatives tackling the dangers of climate risk.

“We’ve been on a journey to reduce our environmental footprint for a long time,” said Debbie Brackeen, Chief Strategy & Innovation Officer with CSAA, in a recent executive exchange with Triple-I CEO Sean Kevelighan. “We are seeking to reduce our carbon footprint by 50 percent by 2025. We view this work as aligned with our mission: to help our members prepare for and recover from climate risk.”

CSAA has taken several steps to help achieve its goals, including:

  • Leading the first-ever Innovation Challenge on climate resilience with IDEO and Aon, along with several other sponsors;
  • Working on the California Innovation Fund in partnership with Blue Forest, a $50 million fund that CSAA contributed half that capital, focused on forest restoration and reducing fuel in a smart and sustainable way; and
  • Supporting the Wildfire Interdisciplinary Research Center at San Jose State University, which conducts work around predictive modeling, among other endeavors.

While this may seem like a new development, Kevelighan noted that insurers have long worked toward these goals.

“We’ve seen the ESG movement take a hold in the past few years, but it’s been in the DNA of the Triple-I and the insurance industry generally for a long time,” Kevelighan said. “More than half the battle is recognizing that the risk is increasing, while identifying solutions.”

Still, with the increasing consequences associated with climate risk, more work needs to be done.

“There were billion-dollar wildfire losses at CSAA in my first two years in the industry,” Brackeen said. “I wondered if this was normal. It ignited in me that, whatever we do in innovation, it will have to do with wildfire risk. However, what concerns me the most is that risks are becoming uninsurable. This is from the cumulative effects of several different types of losses, including convective storms.”

“We have to seek different types of innovative partnerships to address these issues,” Brackeen concluded. “In this fight for our industry, there are no competitors. We have to be on the same side of the table.”

Disaster Preparedness, Disaster Resilience, Flood Insurance, Homeowners Insurance, Risk Management

Weather Risk Isn’t “Someone Else’s Problem,” Triple-I Executive Tells Weather Channel Viewers

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Of the findings in Triple-I’s recent report on consumer perceptions of weather risk, the Weather Channel’s experts were most struck by the fact that 60 percent of homeowners said they’d taken no steps to prepare – so, they asked Triple-I Chief Insurance Officer Dale Porfilio for his perspective.

Ultimately, Porfilio said, it comes down to perceptions.

“Two thirds of the people surveyed said they don’t expect to be affected by weather risk in the next five years,” Porfilio told the Weather Channel. “If you don’t think you’re going to be impacted, why would you prepare with a home evacuation plan or a home inventory?”

Of course, anyone who is exposed to weather is exposed to weather-related risk, and it’s essential for homeowners to understand and address the most relevant risks in order to protect their investments and their families.

Porfilio also addressed a question regarding availability of flood insurance, explaining that coverage is generally available through the Federal Emergency Management Agency’s National Flood Insurance Program, as well as a growing number of private insurers, but “might be perceived as too expensive.”

It is possible, however, that some insurers might not be willing to offer coverage in areas that have been hit repeatedly by flood.

Awareness and preparation are key. The Triple-I survey, published in coordination with global reinsurer Munich Re, found that, among the 22 percent of respondents who reported understanding their level of flood risk, 78 percent said they had purchased flood insurance. The report, Homeowners Perception of Weather Risks, provides insights into trends, behavior and how experiencing a weather event impacts consumer perceptions of future events. 

Learn More:

Survey Suggests Few Homeowners Prepare for Weather-Related Risks

Climate Risk Isn’t All About Climate: Population, Land Use, Incentives Need to Be Addressed

Stemming a Rising Tide: How Insurers Can Close the Flood Protection Gap

Homeowners Insurance

Lightning: Quantifying a Complex, Costly Perilto Support Resilience

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By Loretta L. Worters, Vice President, Media Relations, Triple-I

Fire historically has been the main risk associated with the peril of lightning strikes. But as urban density increases and society’s dependence on electrical and electronic devices rises, lightning damage can be far more significant than the average home or business owners realizes.

According to a Triple-I analysis of State Farm data compiled to coincide with Lightning Safety Awareness Week (June 18-24), $952 million in lightning-caused U.S. homeowners insurance claims were paid out in 2022 to more than 62,000 policyholders. There was good news in the data, including:

  • The total value of lightning-caused U.S. homeowners insurance claims fell more than 27 percent in 2022 ($952 million) from 2021 ($1.3 billion).
  • The number of lightning-caused U.S. homeowners insurance claims only slightly increased, by 2.2 percent between 2021 and 2022 from 60,851 to 62,189, with numbers from the top 10 claims states contributing to about half of the total.
  • The average cost per lightning-caused claim decreased 29 percent, from $21,578 in 2021 to $15,280 in 2022.

“Insurers are moving toward predicting and preventing losses by advocating for resilience in coordination with the real-time application of technology,” said Triple-I CEO Sean Kevelighan. “Lightning Safety Awareness Week highlights the dangers lightning poses to life and property and how insurers and policyholders are reducing these risks.”

Homes aren’t the only structures at risk from lighting damage. In a recent interview with Kevelighan,  Tim Harger – executive director of the Lightning Protection Institute – said an East Coast furniture manufacturer was subjected to “just over a million dollars in damage” when it was struck.

“Yes, there was the typical fire that caused structural damage, but what was impacted on the ‘inside’ was even more costly,” he said. “They had damaged inventory, production downtime, and loss of revenue during the repairs.”

Investment in a lightning protection system could have saved this business owner – and his insurer – the million dollars lost and prevented the business interruption.

“When it comes to protecting homes, businesses or critical facilities in communities, we know that a properly installed lighting protection system is scientifically proven to mitigate the damage from a lightning strike,” Harger said.

While cities have lightning issues, so do parts of the country where lightning-ignited wildfires are significant.  According to the Congressional Research Service, most wildfires are human-caused (89 percent of the average number of wildfires from 2018 to 2022). However, wildfires caused by lightning tend to be slightly larger and to burn more acreage (53 percent of the average acreage burned from 2018 to 2022) than human-caused fires.

Florida, Georgia, Texas and California Lead Lightning Losses

Not surprisingly, Florida – the state with the most thunderstorms — remained the top state for number of lightning claims in 2022, with 5,504, followed by Georgia, with 4,474. However, California had the highest average cost per claim, at $36,319, followed by Texas, with $25,286.

Damage caused by lightning, such as fire, is covered by standard homeowners insurance policies.  Some homeowners policies provide coverage for power surges that are the direct result of a lightning strike. 

Homeowners Insurance, Risk Management

Survey SuggestsFew Homeowners Prepare for Weather-Related Risks

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By Mary Sams, Senior Research Analyst, Triple-I

The 2023 Atlantic hurricane season officially started June 1 and is forecast to be a busy one, which is why homeowners need to prepare. Yet many lack even the most basic preventative measures, unaware of the risks they face, according to a new survey by Triple-I, in coordination with Munich Re.

The new report, Homeowners Perception of Weather Risks,provides insights into trends, behavior and how experiencing a weather event impacts consumer perceptions of future events. 

In the first half of 2023, Triple-I, in coordination with Munich Re, asked homeowners across the United States about their experiences with weather-related risks.  Among the key findings:

  • Twenty-five percent of respondents don’t expect to be impacted by weather risks in the future.
  • Thirty-two percent report that they have been impacted by weather in the last five years.
  • Two primary ways to prepare for weather risk includes creating a home inventory and an evacuation plan in case of emergency.  Yet only 47 percent of respondents have a home inventory and slightly more (52 percent) have an evacuation plan.
  • Thunderstorms are reported as the chief weather concern, at 54 percent nationally.  This includes flooding and tornados and varies by geographic region.  The Midwest leads the area of highest reported thunderstorm risk, at 75 percent, and the West region reports the lowest proportion of concern, at 33 percent.

The survey suggests awareness and education around flood risk are the greatest opportunity for getting homeowners to take the necessary steps to protect their property.  For example, among the 22 percent of respondents who reported understanding their flood risk, 78 percent said they had purchased flood insurance. 

Learn More:

State of the Risk: Flood (Triple-I Issues Brief)

State of the Risk: Hurricanes (Triple-I Issues Brief)

State of the Risk: Convective (Triple-I Issues Brief)

Stemming a Rising Tide How Insurers Can Close the Flood Protection Gap (Triple-I/Capgemini)

Severe Convective Storms: Evolving Risks Call for Innovation to Reduce Costs, Drive Resilience (Triple-I Research Paper)

Flood: Beyond Risk Transfer (Triple-I Research Paper)

Homeowners Insurance

Homeowners Claims Costs Rose Faster Than Inflation for 2 Decades

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By Max Dorfman, Research Writer, Triple-I

The cost of claims per insured home in the United States has increased at a rate outpacing inflation over the past 20 years, according the Insurance Research Council (IRC) — like Triple-I, an affiliate of The Institutes.

A new IRC study, Trends in Homeowners Insurance Claims: 2001–2021, attributes this to a combination of natural catastrophes, human-made disasters, rising home-repair costs, and ongoing population migration into disaster-prone areas.

A close-up of a graph Description automatically generated with low confidence

Insurers also continue to wrestle with insurance fraud and claim abuse following disastrous events. These trends have cut into profits and led several major insurers to reduce their capacity in some U.S. states or leave the homeowners market entirely.

Other findings include:

  • Countrywide average loss costs (average claim payment per insured home) increased throughout the past two decades and rose nine percent in 2021.
  • Claim severity is increasing, while frequency is declining—in part because of widespread adoption of higher policyholder deductibles, including percentage deductibles for specified perils, and premium surcharge programs designed to reduce the number of lower-cost claims.
  • Catastrophe losses play an increasing role because of natural disaster trends and the methods used to define and categorize catastrophe claims.
  • Average loss costs for claims vary widely by state. States with the highest loss costs are Louisiana and Mississippi; states with the lowest are Hawaii and Maine.
  • States with the highest claim frequency over the period include Louisiana, Mississippi, and Oklahoma. States with the highest severity include California, Alaska, and Florida.

“During the two decades of the study period, the U.S. homeowners market has experienced a surge in volatility, mainly driven by a barrage of disasters, such as hurricanes Katrina, Ike, Michael, Rita, Sandy and Wilma and California fires,” said Dale Porfilio, IRC president and chief insurance officer for Triple-I.

Porfilio also noted that another challenge facing the homeowners insurance market is the continued threat of insurance fraud and claim abuse, especially after natural disasters. 

“Industry and government organizations have increased efforts to inform consumers about potential scams, to investigate and prosecute the perpetrators, and to enact legislative changes to make systems less vulnerable to abuse,” Porfilio added.

Learn More:

How Inflation Affects P/C Insurance Rates and How It Doesn’t (Triple-I Issues Brief)

Drivers of Homeowners’ Insurance Rate Increases (Triple-I Issues Brief)

Florida’s Homeowners Insurance Crisis (Triple-I Issues Brief)

Louisiana Insurance Crisis (Triple-I Issues Brief)

From the Triple-I Blog

As Building Costs Grow, Consider Your Homeowners’ Coverage

Lightning Sparks More Than $1 Billion in Homeowners Claims Over Five Years

Triple-I Brief Explains Rising Homeowners’ Insurance Premium Rates

Homeowners Premiums Rise Faster Than Inflation; Expect This to Continue