Kathmandu. In the US, home insurance premiums have increased significantly in recent times. If the fees are increased at this pace, home insurance fees are expected to reach the US in the next 10 years.
According to the Consumer Federation of America (CFA), home insurance is becoming an additional expense for Americans. “Rising insurance costs have led to a decline in the idea that homeowners should be insured, increasing the risk to property,” the CFA said in a recently released report.
According to the report, home insurance premiums in the US increased by an average of 24 percent in 2021 and 2024 insurance. At present, Americans have to pay an average of $3,300 for home insurance.
The CFA estimates that if home insurance charges are increased at the same pace, the premium will double in the next 10 years. It is expected to affect the common people of Florida, California and Louisiana, which are high-risk areas.
According to the JB Morgan report, home insurance fees in the UNITED States have increased in recent times due to natural disasters caused by inflation and climate change. Frequent natural disasters have increased the cost of the house. The cost of home insurance has also increased due to the increase in the cost of maintenance of the damage caused to the house or the situation of changing the house itself, the increase in the wages of the maintenance workers, the increase in the price of construction materials, etc.
Insurance companies are increasing home insurance fees in California and Florida areas that are at high risk of natural disasters. – Agency
