| Americans spent R2.2 trillion in 2021 to fix homes damaged by weather

A well-known house destroyed by Hurricane Sandy

Ramin Talaie / Corbis via Getty Images

  • Seasonal disasters are burning American people’s wallets.
  • In 2021, 20 different natural disasters hit the US, costing $ 145 billion, equivalent to R2.2 trillion.
  • The country’s Oceanic and Atmospheric Administration’s 2021 report was the third lowest rate on natural disasters.
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2021 wrote the third most expensive for natural disasters in the USA over the past 200 years that the Oceanic and Atmospheric Administration (NOAA) has been following.

The United States was affected by a $ 20 billion climate change, which cost $ 145 billion, equivalent to about R2.2 trillion. The US is waiting facing more natural disasters in the coming years, which makes its cost much higher.

“We can expect a major meteor shower in the next 20 or 30 years,” said Piers Forster, a meteorologist. he tells and the New York Times. “Unfortunately, things can get worse than they do today.”

Seasonal pressures are mounting, resulting in higher costs, and homeowners, insurance companies, taxpayers, and governments are all paying for them. This means that many homeowners are on the verge of borrowing because insurance always costs off expenses. The US government of Biden says government assistance will remain essential reducing spending for the American people because the climate crisis should have a eternal existence.

Munich RE, a German insurance company, statements The US suffered the most losses in 2021, with $ 85 billion in insurance. It states that total losses and insurance costs were higher than in 2020 and 2019 when they came in $ 100 billion and $ 52 billion respectively.

“Every year around the world, natural disasters cost the economy billions of dollars.” The company said so. “In most cases, only a small part of this damage is insurance.”

Regular home insurance usually does not cover natural disasters

Despite the threat of climate change, millions of American families remain vulnerable. US Insurance Institute statements that by 2020, only 27% of homeowners said they had flooded insurance. This can happen because natural disasters do not have permanent home insurance, and special insurance causes a lot of economic hardship.

For many families with little or no income, additional support is out of the question since it could mean the difference between eating warm food or paying off debt. However, going out often brings a lot of money like these families struggle pay for all repairs and housing after a disaster.

This happened to residents of Lake Charles, Louisiana, who were affected by Hurricane Laura and Hurricane Delta in 2020. A study by CoreLogic, a research company, he found that market interest rates rose as homeowners struggled to make ends meet.

“For homeowners, the effects of the financial crisis are exacerbating the interest rate when people, the disabled and their expenses and losses, are unable to pay on a monthly basis,” CoreLogic said. “After Hurricane Laura hit Lake Charles, the number of terrorists who had already climbed rose from 9.8% in August 5 2020 to 16.1% in September 2020, which rose by 6.3%.

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