State insurance commissioners and legislators play a critical role in determining the insurance premiums people pay for their home insurance.[1] Insurance companies have increased homeowners insurance premiums by an average of 24 percent from 2021 to 2024 nationwide.[2] Premium rates are rising far faster in many places across the country including in a geographically diverse […]
Americans for Financial Reform Education Fund and Public Citizen sent a letter in response to the California Department of Insurance’s Long-Term Solvency Planning Proposal, highlighting the need for insurers to comprehensively address both physical and transition risks across underwriting, investing, and operations. “Insurers need to develop climate plans that encompass both climate mitigation and climate adaptation […]
Recent research reveals that homeowners with lower credit scores or who live in neighborhoods of color are often charged more for property insurance coverage even when the disaster risks they face are comparable to those paying less for insurance. As climate risk grows, borrowers perceived by insurance companies as having riskier credit characteristics could be disproportionally burdened by higher insurance costs that undermine their financial stability.
On the 20th anniversary of Hurricane Katrina, AFR/AFREF’s Associate Director of Housing Policy Caroline Nagy joined a webinar, “Katrina at 20: Climate Capital, Injustice, and the Path Forward,” hosted by Manley Consulting Group, The Horizon Project, Hip Hop Caucus, and Majority Action.