Climate change causing homeowners insurance rates to skyrocket across Tri-State Area
NEW YORK -- New data shows climate change could make insurance dramatically more expensive than years prior for many homeowners in the Tri-State Area.
The research group First Street found nearly 90% of homes in New Jersey's Ocean County and nearly 60% of homes in Monmouth County are at risk of higher insurance premiums or losing their coverage. In Suffolk County, Long Island, 80% of properties could have trouble finding affordable insurance.
- Read More: Homes in parts of the U.S. are "essentially uninsurable" due to rising climate change risks
CBS New York's Elijah Westbrook spoke with Public Adjuster Vince Perri to understand more.
"As we have more natural disasters and weather-related events, what we're seeing is insurance companies adding exclusions for particular things," said Perri. "If you suffer a wind event, your roof will only be covered under an actual cash value which means they're only going to cover the depreciated amount."
Perri says right now it's important to understand what's covered in your area.
"If you live in a home, you want to make sure you have a HO3 policy," he said. "Everything under the sun and moon is covered…You want to go straight into looking into what your deductible is. Make sure your policy limits make sense."
Perri and other experts say keeping up to date with your policy is key to avoid being blindsided.
This as the insurance industry continues to adapt to climate change that's resulting in unusual weather events.
