Foreclosures increase as coverage gaps and higher risks drive market withdrawals
Homeowners in Gulf Coast states are facing a tightening home insurance market marked by soaring premiums, rising foreclosures, and growing coverage gaps, according to new findings from the Insurance Fairness Project.
The data points to a worsening crisis in Louisiana, Florida, Texas, and Georgia – regions frequently impacted by hurricanes and other extreme weather events.
A report from the Consumer Federation of America shows significant premium increases between 2021 and 2024: 34% in Louisiana, 29% in Florida, 24% in Texas, 20% in Georgia, and 7% in Alabama.
Between 2021 and 2024, homeowners insurance premiums across the US rose by an average of 24%, according to national data compiled by the Consumer Federation of America.