At least five major property insurers in the United States are reducing coverage in response to extreme weather patterns, leaving many American homeowners exposed to natural disasters without essential protection.
Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway told regulators that severe weather patterns resulting from climate change have led them to stop writing coverages in some regions, exclude protections from certain weather events, and raise premiums and deductibles, reports the Washington Post.
Damage caused by hurricanes, wind, and hail will no longer be covered along coastlines and in wildfire country, said some major insurers, responding to a voluntary survey by the U.S. National Association of Insurance Commissioners. The poll responses illustrate the ongoing retrenchment of the U.S. home insurance industry.
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