So glad to live in the Pacific Northwest. (Please no big earthquakes, please no big earthquakes…)
It’s really hurting us in Colorado. We’ve had a huge increase in hail the past few years which has caused our insurance premiums to skyrocket across the state for home and auto both.
We paid extra out of our own pocket to upgrade to hail resistant shingles in our last claim, so now insurance will replace like for like if it happens again, and hopefully also reduces the risk of damage and the need for a claim. Doesn’t impact the premium though, lol.
Aside from Florida, this is just a map of how expensive land is (or isn’t).
I wish. I I’d be buying half the PNW if that was the case.
It’s a combination of that with areas prone to floods, strong winds and forest fires.
The heat map shows insurance in California is cheap. Between fire, flood, and earthquake insurance, and being HCOL, I can assure it is not. If you can find it at all. And LA is still smoldering from the fires last January.
The property values are insanely high in California, which makes insurance as a percent of property values seem low, even if it isn’t in absolute terms.
A million-dollar condo by the coast pays more in insurance than an identical condo in a LCOL area, but the property value masks that when considered as a percent.
Hence my original comment.
Redo this as insurance cost per square foot and it’d be much more useful.