Homeowners scramble as insurers implement strict new requirements: 'It's becoming an ongoing problem'
In Arizona, many homeowners are losing insurance coverage because their providers aren't willing to cover damage to older roofs, as the warming climate is leading to higher payouts.
According to 12 News, many insurance companies are dropping coverage for roofs that are at least 15 to 20 years old, leaving homeowners in a bind.
One Tempe homeowner, Kelsey MacLennan, told the news outlet that when her roof needed repairs, her insurer denied the claim and refused to renew her policy because the roof was more than 20 years old.
After shopping around for another insurance company, she finally found one that would cover the roof, but the deductible and premium were much higher. Phoenix roofing expert and entrepreneur Tim Orscheln said he's been hearing more complaints from homeowners about finding affordable coverage — or any coverage, for that matter.
"We hear about it all day long… getting dropped is a huge issue," he said. "Also, the cost of their insurance is going up."
"It's becoming an ongoing problem," he added.
An S&P Global report found that premiums have increased by 34% nationwide over the past seven years, and in some states, such as Minnesota, they have risen by nearly 40%.
Across the country, homeowners are either being dropped from coverage unexpectedly or facing limited coverage due to the impacts of rising global temperatures and extreme weather. As humans continue to burn dirty energy sources, they trap heat in the atmosphere and create more moisture, leading to more frequent and intense disasters.
Some states, particularly those along the Gulf Coast, the Carolinas, and California, are at high risk of insurance hikes or dropped coverage because they are more vulnerable to hurricanes, floods, and wildfires amid the changing climate.
In these states, some companies have already exited the market or pulled coverage without warning for homeowners in disaster-prone areas. Some California homeowners have seen a 400% increase in premiums as more companies drop coverage due to the risk of wildfires.
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If homeowners can't find affordable insurance, they may be forced to buy policies that don't cover all their needs and shoulder the burden of repairs after natural disasters. Even if they have a comprehensive policy, it's likely far more expensive than it used to be, driving up the cost of living.
Thankfully, some companies and entrepreneurs, including Orscheln, are helping homeowners preserve their roofs so they don't have to replace them, even if they're 20 years old.
He told 12 News that the home equity and service company he owns, called HomeLyfe, uses nanotechnology to "stop the aging process" of roofs "immediately." Called GoNano, the roof coating protects roofs from UV damage and repels water, helping to prolong a roof's life by 10-15 years.
MacLennan was able to use the product on her roof and save tens of thousands of dollars on a total roof replacement. Solutions like these could help homeowners who face difficulties keeping their insurance, as companies may be more likely to offer coverage if homes have eco-friendly upgrades.
Some states are trying to reduce chaos in the insurance market by expanding flood coverage for Massachusetts residents and pushing back against insurers who raise premiums in North Carolina.
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