In recent years, New Mexico has seen a significant increase in the number of home insurance policies that are not being renewed, with a 31% rise from 2018 to 2023. This data was compiled by advocacy groups Public Citizen and Revolving Door Project, who used information from various sources to create maps showing where insurance costs are increasing and policies are being canceled. One example is the community of Alto in Lincoln County, which experienced a more than 2000% increase in canceled policies.
The rise in nonrenewed policies can be attributed to the increase in climate change-related incidents such as fires and floods, which have been particularly prevalent in Lincoln County. These incidents are making it more difficult for residents to access home insurance and are driving up premiums. Public Citizen’s Carly Fabian emphasized the importance of monitoring the availability and affordability of insurance, as it is policyholders and the public who bear the financial burden of climate change impacts through higher premiums, while insurance companies continue to profit.
This data serves as a starting point for understanding how climate change is affecting policyholders across the country, and Fabian believes that greater public access to such information will provide a more comprehensive understanding of the crisis. Urgent policy interventions are needed to address the impact of climate change on insurance markets and ensure that vulnerable communities are protected.
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