Homeowners face soaring insurance costs as violent storms wreak havoc
CBSN
Insurance companies are hiking the cost of homeowners coverage to offset the growing risk posed by powerful storms of the kind that ripped across five states over the Memorial Day weekend.
The storms left a trail of destruction in Arkansas, Kentucky, Oklahoma, Texas and parts of Virginia, leveling homes and killing at least 23 people. The increasing frequency and severity of extreme weather — which scientists link to climate change — means bigger payouts by insurers, leading to higher premiums for millions of Americans.
"It goes without saying," Oklahoma Department of Insurance Commissioner Glen Mulready told CBS MoneyWatch. "Everyone is taking a hit with these storms, and that has to lead to increased premiums to cover those losses. It's unfortunate but it's true."
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