An aerial view of the homes damaged by Hurricane Ian in the vicinity of Fort Myers. Al Diaz adiaz@miamiherald.com When Miguel Zablah bought his five-bedroom home in Miami’s leafy Shenandoah neighborhood in June of 2020, he said he paid $7,000 a year for homeowner’s insurance. The house, built in 1923, sits on high ground and has survived a century of famously volatile South Florida weather. But in just four short years, Zablah said his homeowner’s insurance premium has more than doubled to $15,000 a year. Quotes for next year’s premiums are looking even worse. “Some insurance companies are now quoting me at $20,000, $25,000 on my house, which is ridiculous,” said Zablah, who works in private equity. The premium increases are so steep that he’s considering just paying off his mortgage — and foregoing the insurance that his lender requires him to carry. “I’m very grateful that I’m in a good position,” he added. Zablah’s premium increases are a symptom of a broader insurance crisis plaguing real estate markets across America. Experts say it’s fueled, in large part, by the disastrous effects of human-caused climate change. Flooding is more frequent. Higher temperatures stoke stronger hurricanes. Wildfires burn more acres. And Americans have spent generations moving to sunny places that are often the most in harm’s way, including Florida, Texas and California. So, the cost of insuring homes against natural disasters is spiking along with atmospheric temperatures and carbon dioxide levels. Now, new research shows that higher insurance premiums like the one Zablah is paying significantly increase the probability of people falling behind on their mortgages — or motivate them to pay the debt off early. The outcomes spell trouble for banks, and for homeowners. How significant is the increase in mortgage trouble? A $500 spike in annual insurance premiums […]