More people are moving in harm's way raising insurance and disaster recovery costs

More than 80% of prospective home buyers in the U.S. consider climate risks when deciding where to buy, according to Zillow.

But data shows more people are moving in harm’s way, as storms are becoming more frequent and severe.

In a climate resiliency ranking of 96 cities by USA Today Homefront, Raleigh was the lowest-ranking large North Carolina city coming in at 37th.

Winston-Salem took the state's highest-ranking slot at No. 5.

Durham came in at 17, while Greensboro and Charlotte were ranked 19 and 20.

Hailey Neff is a USA Today Homefront researcher who says the rankings were based on a number of considerations including FEMA score, flood and drought risk, and projected water stress levels.

"As climate change rages on, many parts of the country are not going to be as livable as other areas," Neff said.

In North Carolina, the largest population increases have been in the Triangle suburbs and coastal areas.

As of March 2024, the population of coastal counties in the US has increased by 40.5 million people since 1970, or about 46%.

"It's interesting that we found these areas to score so low in our climate resiliency, and yet people are still really attracted to these places," Neff said.

Mark Friedlander, communications director with the Insurance Information Institute, says some insurers have been adjusting their risk exposure in coastal areas where there's less coverage available.

"When there's less coverage available, what you're able to purchase in the way of property insurance is going to cost more," Friedlander said.

Last fall, Nationwide insurance company opted not to renew more than 10,000 policies in North Carolina, in part due to “climate severity and weather-related losses.”

The year 2023 marked a record for the highest number of billion-dollar disasters at 28, surpassing the previous record of 22 in 2020.

"Any type of tropical system that makes landfall is going to cause more damage today than it did say five years ago, because of the population shifts and the more expensive replacement costs," Friedlander said. "So, everything is more expensive."

Earlier this year, insurers proposed rate increases for more than 40% statewide, with rates that could double for some coastal areas.

After sweeping pushback from the public, those drastic premium increases are up in the air until the fall.

There is a hearing scheduled Oct. 7 and the insurance commissioner will have 45 days after that to issue an order.

Earlier this year, insurers proposed rate increases for more than 40% statewide... and rates that could double for some coastal areas.

After sweeping pushback from the public, those drastic premium increases are up in the air until the fall.

There is a hearing scheduled October 7th... and the insurance commissioner will have 45 days after that to issue an order.