Is home insurance worth it in the age of wildfires?

Over 2.5 million Americans were forced out of their homes by natural disasters in 2023. As wildfires, hurricanes, and windstorms become routine across the country, homeowners are seeing their insurance premiums skyrocket. This has left many wondering: Is homeowners insurance even worth it anymore? Teo explains to Clare what homeowners insurance actually covers and whether the data says it pays off. 

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Sources in this episode:

• Interview with Angela Giacchetti, Eaton Fire survivor, 2026 
• Interview with Jeffrey Callen, Washington state homeowner, 2026
• Interview with Aaron VanTuyl, communications and media manager, Washington State Office of the Insurance Commissioner, 2026
• Proprietary data, Washington State Office of the Insurance Commissioner, 2026
• Community voices: LA fire recovery report, Department of Angels, 2026
• Property insurance and disaster risk: New evidence from mortgage escrow data, National Bureau of Economic Research, 2024
• Next to fall: The climate-driven insurance crisis is here — and getting worse, Senate Budget Committee staff report, 2024
• Earthquake data call report, Washington State Office of the Insurance Commissioner, 2017
• Study of American homeowners, LendingTree, 2026
• Flood insurance manual, National Flood Insurance Program of FEMA, 2025
• Home insurance rates in America are wildly distorted. Here’s why, New York Times, 2024
• See where home insurance policies were dropped in your state, New York Times, 2024

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