Core Insights - The LexisNexis U.S. Home Trends Report highlights the increasing severity and costs associated with climate-driven catastrophes and inflation, leading to higher premiums for consumers [2][5][6] All Peril Trends - All Peril severity increased by 9% from 2023 to 2024, marking the highest increase in seven years, with 2024 witnessing 27 climate disasters causing damages of $1 billion or more, which is 21% above the long-term average [5][6] - Catastrophe claims accounted for 42% of all claims in 2024, with catastrophe losses rising to 64%, indicating a significant trend towards more catastrophic events [5][6] Hail Perils - Hail loss costs were 19% above the seven-year average in 2024, with nearly two-thirds of claims categorized as catastrophic [5][11] - The U.S. experienced 5,373 hail events in 2024, although this was a decrease from 2023, yet loss costs continued to rise [6][11] Wind, Water, Fire and Lightning Perils - Wind claims saw a 30.7% increase in loss costs and a 23.5% rise in severity from 2023 to 2024, driven by Hurricanes Helene and Milton [5][11] - Weather-Related Water loss costs increased by 25.4% from 2023 to 2024, with claims severity up by 29.6% [11] Non-Weather-Related Perils - Non-Weather-Related Water perils experienced a decrease in loss costs by 4.3% and frequency by 9.9%, while severity increased by 6.2% in 2024 [11] - Theft loss costs and frequency decreased by 20% and 20.9%, respectively, while severity rose by 1.1% [11] Geographic Patterns - Colorado had the highest loss cost from catastrophic claims, while Nebraska recorded the highest loss cost for All Peril claims in 2024, primarily due to hail losses [6][11] - States with the highest combined catastrophe and non-catastrophe loss costs included Colorado, Minnesota, Nebraska, Louisiana, and South Dakota [6]