GAO Report Highlights Higher Insurance Premium Increases for Wind Risk Compared to Wildfire
The Government Accountability Office (GAO) has released a report indicating that insurance premiums for homes in areas with severe or extreme wind risk have increased more significantly than those in wildfire-prone areas. Between 2019 and 2024, homes in high wind risk areas saw premiums rise by an average of 58%, equating to approximately $1,294 more per year compared to homes in major wind risk areas. In contrast, premiums for homes in severe wildfire risk areas increased by about 8%, or $181 more annually, than those in major wildfire risk areas. The report also noted that premiums in severe wind and wildfire risk areas grew faster than those in major risk areas, with annual increases of 6-10% compared to 1-4% in major risk areas. The GAO's analysis included data from 2019 to 2024 on private homeowners coverage and interviews with various stakeholders, including insurance industry groups and state regulators. 
