As severe weather becomes more frequent, homeowners are increasingly looking for pr▨oviders that will provide better ins🅘urance at a cheaper rate.

As of Aug. 8, there have been 19 severe weather events, each one resulting in more than $1 billion in losses according to the National Centers for Environmental Information. According to a recent survey by insurance software firm Insurity, nearly 40% of Americans have filed insurance claims because of severe weather.

As more homeowners depend on their insurance companies in times of severe weather, many are looking for better prices and better coverage, Insurity found. More than a third of respondents said they are willing to switch to an insurance provider that offers more options for severe weather-related events.

Unfo🌄rtunately, it may be hard to find other ⛎options.

It May Be Difficult to Come By

More than one in four respondents have purchased additional insurance coverage due to recent severe weather conditions, the survey found. However, 25% of respondents reported diffic🔯ulty in obtaining necessary coverage because of risks in their area🍨.

States that are most likely to experience extreme weather often have increased insurance payouts. In response, insurance companies have either increas💞ed prices or stopped offering coverage to specific states to save money.

For example, State Farm limited its coverage in California earlier this year due to risks caused by the state's increasingly frequent wildfires. Thos🐓e limits included not renewing 30,000 property insurance policies.

And It Will Definitely Be More Expensive

On top of being diffiꦰcult 🔜to obtain, insurance can be increasingly expensive.

Insurance prices overall have increased by 3.1% compared to last year, according to the Consumer Price Index. Of those who reported an increase in insurance premiums in the Insurity survey, 56% said it was related to the rise in severe weat🤪her events.

A separate report by insurance comparison site Insurify projected a 6% increase in insurance costs in 2024, pushing rates to an average of $2,522 by the end of the year.

Homeowners are feeling the impact of increasing costs as many worry about insurance prices in the next five years. More than 70% of respondents to the Insurity survey were concerned about how severe weather will affect their insurance coverage.