With economic losses from Hurricanes Helene and Milton estimated to exceed $60 billion, homeowners' insurance premiums are expected to continue rising in many U.S. regions, S&P Global Ratings said in "Rising Insurance Costs And Mounting Affordability Challenges Could Weigh On Some U.S. Governments' Creditworthiness," published today on RatingsDirect.

When higher insurance premiums compound existing housing affordability problems, it can affect location and purchase decisions for homebuyers and employers. If these conditions persist, it could lead to lower taxable property values, affecting local U.S. government revenues and long-term growth.

"Playing catch-up to replace losses keeps governments from pursuing new economic growth and can affect long-term financial stability," said S&P Global Ratings credit analyst Sarah Sullivant.

This report does not constitute a rating action.

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