Rising repair costs & natural disasters making US home insurance less affordable: IRC
A combination of both the growing frequency and severity of natural disasters, along with rising home repair costs and other economic factors, have contributed to less affordable homeowners insurance, according to a brief from the Insurance Research Council (IRC).
The IRC, an affiliate of The Institutes, a provider of risk management and insurance knowledge solutions, measures affordability with the ratio of average homeowners insurance expenditures to median household income.
In 2020, the most recent year for which this data was available, this ratio sat at 1.93 percent, which means that US households are said to have spent an average of