Idaho man says he was turned down by nearly 20 insurance companies after his policy was abruptly canceled — here’s why

Core Insights - Homeowners in Idaho are experiencing an insurance crisis due to rising wildfire risks, leading to many being left without coverage or facing significant premium increases [1][2]. Group 1: Insurance Market Dynamics - A report from the Consumer Federation of America indicates that one in 13 U.S. homeowners are opting to forgo home insurance due to escalating costs [2]. - Home insurance premiums have seen an average increase of 12% in 2023, followed by an additional 6.9% rise in the first half of 2024 [4]. - The tightening of coverage policies is evident as homeowners struggle to find affordable insurance options, with some facing premiums nearly double their previous rates [3][4]. Group 2: Causes of Rising Premiums - The increase in insurance costs is attributed to the growing expenses associated with natural disasters and rising construction costs [4]. - Major natural disasters, such as Hurricane Ida and Hurricane Ian, resulted in combined insured losses of $220 billion over two years, marking the costliest period for the insurance industry in over a decade [4].