{"id":1406,"date":"2025-04-19T12:23:41","date_gmt":"2025-04-19T12:23:41","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=newsletter&#038;p=1406"},"modified":"2025-04-19T12:23:41","modified_gmt":"2025-04-19T12:23:41","slug":"extreme-weather-and-your-home-insurance-how-to-navigate-the-financial-storm","status":"publish","type":"newsletter","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/extreme-weather-and-your-home-insurance-how-to-navigate-the-financial-storm\/","title":{"rendered":"Extreme Weather and Your Home Insurance: How to Navigate the Financial Storm"},"content":{"rendered":"<p>An increase in extreme weather events in recent years has caused many insurance companies to raise rates, restrict coverage, or stop selling policies in high-risk areas. This has left some homeowners in a precarious situation when it comes to insurance, as they are now faced with higher premiums, lower home values, and the possible nonrenewal of their policies.<\/p>\n<h2>Handling a nonrenewal<\/h2>\n<p>If you receive a notice of nonrenewal from your insurer, your first step should be to contact the company and ask why your policy was not renewed. They may reverse their decision if the stated reason is something you can fix \u2014 by installing a fire alarm system or fortifying a roof, for example.<\/p>\n<p>If that doesn\u2019t work, you should begin shopping for new coverage immediately. Start by contacting your insurance agent or broker or your state\u2019s insurance department to find out which licensed insurance companies are still selling policies in your area. You might also try online tools that allow you to compare rates and coverage offered by various insurers. Finally, ask for recommendations for insurers from friends, neighbors, and coworkers who live nearby.<\/p>\n<hr \/>\n<h2>Average number of billion-dollar disasters per year (inflation-adjusted)<\/h2>\n<figure id=\"attachment_1408\" aria-describedby=\"caption-attachment-1408\" style=\"width: 455px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-1408 size-full\" src=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_25015_Extreme-Weather-and-Your-Home-Insurance-CHART-e1745065400312.jpg\" alt=\"Average number of billion-dollar disasters per year (inflation-adjusted): 1980 to 1989 had 3.3; 2000 to 2009 had 6.7; 2019 to 2023 had 20.4; and 2023 had 28.\" width=\"455\" height=\"189\" srcset=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_25015_Extreme-Weather-and-Your-Home-Insurance-CHART-e1745065400312.jpg 455w, https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_25015_Extreme-Weather-and-Your-Home-Insurance-CHART-e1745065400312-300x125.jpg 300w\" sizes=\"(max-width: 455px) 100vw, 455px\" \/><figcaption id=\"caption-attachment-1408\" class=\"wp-caption-text\">Source: NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters, 2024<\/figcaption><\/figure>\n<h2>Insuring higher-risk homes<\/h2>\n<p>If your home is deemed to be at high risk due to its geographic area, you may want to look for an insurance company that specializes in high-risk home insurance. High-risk policies often have significant exclusions and policy limits and are more expensive than standard home insurance policies. However, they might provide coverage for a home that would otherwise be uninsurable.<\/p>\n<p>If you have trouble obtaining home insurance coverage through traditional channels, you may be eligible for coverage under your state\u2019s Fair Access to Insurance Requirements (FAIR) plan. FAIR plans are often referred to as \u201clast resort\u201d plans because they may be the only option available if your home is in a high-risk area. Coverage under a FAIR plan is more expensive than standard home insurance and tends to be limited; it may only provide basic dwelling coverage. In addition, most states require you to show proof that you have been denied coverage before you can apply for a FAIR plan.<\/p>\n<p>1) NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters, 2024<\/p>\n<p>This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2025 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1407,"template":"","meta":{"_acf_changed":false},"newsletter-category":[34],"class_list":["post-1406","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-january"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Extreme Weather and Your Home Insurance: How to Navigate the Financial Storm - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services &amp; Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/extreme-weather-and-your-home-insurance-how-to-navigate-the-financial-storm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Extreme Weather and Your Home Insurance: How to Navigate the Financial Storm - 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