For all the panic in Washington about inflation, the federal deficit, and the mounting cost of Trump’s One Big Beautiful Bill Act, the United States has been quietly racking up exorbitant costs that the administration would prefer nobody tally. In the 12-month period ending on May 1, the U.S. spent an estimated $1 trillion on disaster recovery and other climate-related needs, according to a new analysis released on Wednesday by Bloomberg Intelligence.

Those costs aren’t just federal budget line items, but escalating monthly expenses borne by millions of people who may not have personally experienced weather disasters. Much of the burden comes from rising insurance premiums. Homeowners’ insurance rates have risen more than 40 percent in the last six years, according to a separate study published last week by the online lender LendingTree. While Florida and California tend to grab the most attention for their insurance troubles, the highest rates and increases have been in Midwestern states, which are racked by tornadoes, wind, and hailstorms. Rates in Nebraska have climbed by more than 70 percent, and homeowners there now pay an average of $5,912 for an annual policy—more than twice the national average and the second-highest average in the nation after Oklahoma. That’s thanks in large........

© New Republic