CBS, NBC Find Culprit For Spiking Home Insurance Rates: Climate Change

News & Politics

The Regime Media appear to have settled on a non-Bidenomics or inflation culprit for the ongoing spike in home insurance rates: climate change. CBS and NBC did so immediately after delivering rosy reports on inflation and holding out hope for a single rate cut this year.

Most emblematic of this coverage is NBC’s report, which establishes climate change as a primary culprit of the rise in home ownership costs:

BRIAN CHEUNG: The costs of owning and maintaining a home have soared, up 26% since 2020 according to one analysis. And home insurance is a major piece. That’s up 20%. One of the reasons, climate change. Last year, the United States had a record 28 separate weather and climate disasters costing at least $1 billion, with insurance companies losing money in 16 states. And now many insurers are dropping customers from their policies, sometimes leaving entire states-

The networks will often insert high cost-of-living stories behind reports on the monthly Fed meeting, Consumer Price Index reports, and related rate decisions. Which makes today’s “hide the suck” reports even more interesting. 

Even if one believes that climate change may be a reason for spiking home ownership costs, the fact remains that inflation is the primary driver- both seen and unseen. Whether through the cost of building materials, which drives up replacement costs and thus insurance rates, or via high mortgage rates, inflation is still driving home ownership costs. This is aside from food, energy, and transportation costs, which also put the squeeze on consumers. Climate change is a convenient, vague culprit. Far more convenient to the Regime Media than Bidenomics.

CBS took a similar tack, and offered “weather proofing” and bundling as solutions. 

JO-LING KENT: With many parts of the country seeing more extreme weather and heavier damage, premiums are going through the roof. Nationwide, the average home insurance policy rose 11% last year. Currently, for $300,000 of coverage, the average premium is $2200 a year. If rates go up 11% this year, that’s an additional $245. To lower your insurance costs, consider bundling your home and auto insurance, investing in weather proofing your home, including storm windows and drains, and shop around for quotes. Little things that can lead to big savings.

Not mentioned in the report, the effects of inflation on the pricing of such items as storm windows. But hey, shop around!

ABC, to their credit and counterintuitively given their status as the most Biden-servile network, does not bother with “hide the suck”- instead pumping their Fed meeting reports full of unicorns and sunshine.

ABC WORLD NEWS TONIGHT

6/12/24

6:44 PM

DAVID MUIR: To the economy tonight, and the new numbers showing inflation is now slowing. The Fed signaling a rate cut will come this year, though the Federal Reserve leaving interest rates unchanged for now. The better than expected inflation report, the Consumer Price Index, rising just 3.3% in May over a year ago. The stock market responding today to the news. The S&P 500 hitting 5,400 for the first time, the NASDAQ also hitting a record high.

Click “expand” to view the full transcripts of the aforementioned reports as aired on their respective evening newscasts on Wednesday, June 12th, 2024:

CBS EVENING NEWS:

CBS EVENING NEWS

6/12/24

6:41 PM

NORAH O’DONNELL: Now to some big news on the economy. Inflation slowed in May, with the price of goods and services up 3.3% over one year ago. The Federal Reserve kept its key interest rates unchanged and forecast just one rate cut by the end of the year. One of the big concerns is the continued high cost of housing, and the insurance that goes with it. In tonight’s “Money Watch,” CBS’s Jo-Ling Kent shows what homeowners can do.

JO-LING KENT: In Washington today, Fed chair Jerome Powell predicted interest rates will come down only once this year, as inflation improves. 

What’s your message to Americans who are seeing encouraging economic data, but don’t feel good about this economy?

JEROME POWELL: I don’t think anyone knows, has a definitive answer why people are not as happy about the economy as they might be. We’ve got an economy that is growing at a solid pace, and we are doing everything we can to bring that inflationary episode fully to a halt, and in the meantime, you know, it’s going to be painful for people.

KENT: Among the most painful of realities, homeowners insurance.

JOY SHARP: My policy was $1,800, and it renewed at $6,000.

KENT: What did you think when you saw that number?

SHARPI kind of thought it was a joke. This is crazy.

KENT: Joy Sharp knows the struggle as both a North Carolina homeowner and an insurance agent.

SHARP: It really is a burden. People on fixed income, people that maybe just lost their job, they are really having a hard time making these payments.

KENT: With many parts of the country seeing more extreme weather and heavier damage, premiums are going through the roof. Nationwide, the average home insurance policy rose 11% last year. Currently, for $300,000 of coverage, the average premium is $2200 a year. If rates go up 11% this year, that’s an additional $245. To lower your insurance costs, consider bundling your home and auto insurance, investing in weather proofing your home, including storm windows and drains, and shop around for quotes. Little things that can lead to big savings.

SHARP: I tweaked some of my coverages and I was able to apply some different discounts that I didn’t qualify for before.

KENT: As for that one expected interest rate cut, I asked chairman Powell when consumers can expect it, and he told me he doesn’t have a precise date yet. He just needs the confidence that inflation is moving down to his 2% target, and as we know, inflation as of last month still 3.3%, Norah.

O’DONNELL: But there could be a rate cut around…

KENT: September is what the market is looking for. 

O’DONNELL: Jo-Ling Kent. Thank you so much.

NBC NIGHTLY NEWS:

NBC NIGHTLY NEWS

6/12/24

6:44 PM

LESTER HOLT: Some welcome news today as May inflation came in cooler than expected, up 3.3% year over year. The Fed today leaving interest rates unchanged and signaling just one cut is likely this year. Price relief coming in areas like airline fares, down almost 6%. Used cars and trucks down more than 9%, and smartphone prices down 11 1/2%. But in our series, “The cost of living”, Brian Cheung reports now even after buying a home, the cost of maintaining it is hitting Americans hard.

BRIAN CHEUNG: TaRon Joyner is a single mom of three living in Atlanta. When she bought her home in 2020, she thought her low mortgage rate would keep her monthly payments down. But water damage from severe winter storms led to two insurance claims and the event planner wasn’t prepared for what came next.

TARON JOYNER: I did expect for my rates to go up, but I did not expect to be dropped.

CHEUNG: She scrambled for a new policy only to find rates skyrocketing. Her premium going up from $1200 to more than $5700 a year with her new provider.

JOYNER: To get penalized for just being a customer who needed help, it just felt, I don’t know, like a little bit of a betrayal.

CHEUNG: She has had to cut back her spending and pick up more freelance work as a graphic designer.

JOYNER: …and I started reaching out to people like, “Hey, I’m back in the business. Like, this is what I’m doing. You know, if you need something”…

CHEUNG: So you can cover this homeowners’ insurance premium.

JOYNER: Just- just trying to, like, brace myself.

CHEUNG: The costs of owning and maintaining a home have soared, up 26% since 2020 according to one analysis. And home insurance is a major piece. That’s up 20%. One of the reasons, climate change. Last year, the United States had a record 28 separate weather and climate disasters costing at least $1 billion, with insurance companies losing money in 16 states. And now many insurers are dropping customers from their policies, sometimes leaving entire states- and not just ones on the coast.

ELDON NEIGHBOR: We’ve never seen anything close to this.

CHEUNG: Even in Iowa, a place that doesn’t get hard hit by hurricanes or wildfires.

NEIGHBOR: These last five years have been more difficult because of hail, tornado, wind, and other factors that are not weather related.

CHEUNG: In Atlanta, Joyner says she and the kids are happy in their home, but it hurts when she looks at the bills.

Do you regret purchasing this home?

JOYNER: Um- there are times where I feel that way, yes.

CHEUNG: The cost of living, at risk of becoming too much to bear. Brian Cheung, NBC News, Atlanta, Georgia.

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