The Insurance Crisis Is a Housing Crisis

Taylor, Z.J.; Knuth, Sarah

The Insurance Crisis Is a Housing Crisis

Web publication (2024)

Authors

Z.J. Taylor Urban Development Management

Sarah Knuth Durham University

Research Group

Urban Development Management

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Published Date

2024

Language

English

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Research Group

Urban Development Management

Abstract

Home insurance markets in the United States are experiencing a mounting crisis. Worsening climate disasters like more intense hurricanes, wildfires, and hailstorms are making multi-billion-dollar payouts an annual occurrence, hitting a broad range of US states. Insurance protections are shrinking and becoming increasingly unaffordable, while private insurers are raising rates or pulling out of some markets entirely. Homeowners left behind face dilemmas like potential mortgage defaults—personal risks which may spiral into broader property market collapses. Meanwhile, renters and other households confront future uncertainties with even more limited protections. How can we more fully understand this mounting housing crisis, and what is to be done about it?

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