Climate Today : Property 67% Increase


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Denish: Rising Property Insurance Costs Due to Climate Change

Climate Today : Property 67% Increase.

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Climate Today Climate Of India Today Climate


When it comes to weather, New Mexico is an excellent place to live. According to certain studies, New Mexico is among the safest states in the nation to live in case of a natural disaster.

There are sporadic small floods, no hurricanes, and few tornadoes. One of the rare hazards is wildfires.

All of this can occasionally give us the impression that climate change has no effect on us. Rethink your thoughts. All you have to do is check the rates on your home insurance.

When my Hillsborough home’s property insurance premium increased by 42% in 2022, I became aware of this. I gave my insurance agent a call.

The rise was caused by two factors: the effects of COVID-19 on product costs and availability, as well as an increase in climate-related disasters across the nation.

The first suggestion was to reduce the house’s replacement value, which I believed to be high. Due to the fact that New Mexico is a “replacement value”

state, the insurer determines the increased value using a formula in addition to other considerations like the property’s location within fire zones and proximity to fire stations and hydrants. Reducing the value was out of the question.

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Climate Today Climate Of India Today Climate


The second strategy was to raise the $1,000 or less deductible. The premium was lowered to the amount from the prior year by raising the deductible to $5,000. (The amount the insured must pay as a deductible before coverage begins.)

And then came the bill for this year. My premium increased by roughly 35% once more. This year, it was evident that climate-related events were the reason behind more claims than previously as never before.

The ISO (Insurance Services Office) has modified its rating criteria, which now includes a 50-mile radius from a fire zone instead of the previous 5-mile radius. Both the radius and intensity of wildfires had grown.

There is a volunteer fire department and equipment station in Hillsboro. We are in the fire danger area since we are the entrance to the Gila Forest. Fortunately, the Gila has fully staffed fire watch towers during fire season and fire hydrants.

All of this made it easier for me to comprehend why my Hillsboro home’s insurance premiums have increased.

At the same time, I received my bill for my Albuquerque primary residence. One more surprise! There was a 67% increase in the premium. I increased the deductible once more and lowered the increase to “only” thirty percent.

Climate change, climate change, climate change.

This is not only my story; it is the story of all homeowners, local and global.

Catastrophic climate events have forced some of the biggest insurers, like State Farm, Farmers, and AAA, to leave the residential insurance business in Florida, Louisiana, and California.

There are currently 6,000 uninsured condominium projects in California. The same problem is plaguing Santa Fe projects.

Certain areas of our state are more vulnerable to wildfire disasters that result in flooding afterwards due to increased drought brought on by climate change.

However, businesses in New Mexico haven’t given up on the state; instead, they’ve chosen not to renew residential policies in risky areas.

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Climate Today Climate Of India Today Climate


For homeowners, being both unavailable and affordable is becoming the norm.

The Commissioner of Insurance for Louisiana recently stated, “We would have to be blind and stupid to ignore the role that climate change plays.

When there is no mortgage, homeowners may decide they cannot afford the premiums and turn down insurance.

In New Mexico, this is especially true of houses that have been passed down through the generations. All is lost in the event that the house is destroyed.

In light of current events, homeowners are looking for ways to obtain the best coverage at a reasonable cost.


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