Insurers are increasingly retreating from high-risk areas, attributing their actions to climate change, even though they have long possessed the tools and expertise to forecast and manage these risks.

California residents have switched to a state-backed “last resort” insurance plan that is now facing staggering loss projections.

The post How Climate Risks Could Affect Property Taxes in Florida, California, and Elsewhere appeared first on Real Estate News & Insights | realtor.com®.

According to industry leaders, California is now dealing with its own insurance crisis as Florida is coming out of theirs.

Realtors said California fire refugees moving to Florida small compared to Covid-motivated migration, but follows a trend that began during COVID.

Learn about the potential impact of the 2030 census on House representation. Discover which states could see changes in congressional seats.

One week after record snowfall, places like Tallahassee and Jacksonville will see temperatures in the 70s and low 80s.

Climate-related losses in California and Florida have risen in lockstep over the last decade. Last year was particularly costly for reinsurers. The fires will add to billions of dollars in reinsurance payouts for Hurricanes Helene and Milton, which caused $41 billion in combined insured losses.

Losses from the historic fires are a major blow for property insurers still recuperating from an active hurricane season last fall.

USA TODAY analysis finds 3.3 million Americans live in areas with "very high" wildfire risk and 14.8 million more at “relatively high” risk.

But it’s not just a California thing. Florida, Louisiana and North Carolina all posted nonrenewal rates higher than the Golden State in 2023, according to a Senate report released in December.

The American Red Cross South Florida Region sends six volunteers from our area to California to help fire victims pick up the pieces.