How Natural Disasters Are Impacting Homeowners Insurance – What You Need to Know

Homeowners insurance is a critical aspect of homeownership, but recent natural disasters have had a major impact on both the availability and cost of coverage. Whether it’s hurricanes in Florida, Alabama, and the Carolinas, or the devastating wildfires in California, Idaho, and here in Spokane (Gray Fire and Oregon Road Fire), homeowners across the country are facing rising insurance costs.

If you’re a homeowner or looking to buy, understanding these changes can help you navigate your options and save money.

Why Are Insurance Rates Increasing?

Natural disasters like wildfires, hurricanes, and floods cause significant damage, leading to higher claims for insurance companies. As a result, insurers have to raise premiums to cover their losses. For homeowners, this means higher monthly payments—sometimes unexpectedly.

Here in Spokane, I’ve seen homeowners experience increases of $600 or more per month due to rising insurance costs. If your mortgage payment has gone up significantly, it’s important to check your insurance policy.

How to Shop for Homeowners Insurance

If you’re buying a home, one of the first steps is securing homeowners insurance. Many people bundle their insurance policies (auto, home, life, etc.) with the same company to get a discount. However, in today’s market, shopping around for the best deal is more important than ever.

Steps to Finding the Best Rate:

✅ Check with your current provider – If your rate has increased, ask if there are any discounts or options to lower your cost.
✅ Bundle your policies – Combining home, auto, and other insurance policies can save you money.
✅ Work with a broker – Independent insurance brokers can compare rates from multiple companies and help you find the best deal.
✅ Understand coverage restrictions – Some areas may have limited options due to flood zones, fire risk maps, or other regulatory classifications.

What If You Can’t Find Coverage?

In some high-risk areas, insurers may refuse to provide coverage altogether. This often happens due to government regulations, flood zone classifications, or newly updated fire maps. If you’re struggling to find coverage, a local broker can help identify alternative solutions.

Final Thoughts

Homeowners insurance is essential, but it’s also an evolving market. If you’re facing rising costs or difficulty securing coverage, be proactive. Shop around, compare rates, and work with professionals who can guide you in the right direction.

If you have any questions or need recommendations for trusted local insurance brokers, feel free to reach out—we’d love to help!