- cross-posted to:
- climate@slrpnk.net
- nyt_gift_articles@sopuli.xyz
- cross-posted to:
- climate@slrpnk.net
- nyt_gift_articles@sopuli.xyz
Homeowners in places most exposed to climate disasters are increasingly giving up on paying their insurance premiums, leaving them exposed to financial ruin, according to sweeping new government data.
If you were wondering.
I can tell you our homeowners insurance went up by $120/month near Houston. Never flooded, never froze, never had wind damage, never had a claim. Our house is under 2000sqft and inland.
Didn’t Houston have historic massive flooding from Hurricane Beryl? And insurance companies are still fighting and having to pay out for Hurricane Harvey back in 2017.
Your house is only one data point, and not the largest part of the calculation. Your neighborhood, county, and city infrastructure have a lot more to do with your insurance than your specific home. And the Houston area has a terrible track record with flooding.
No doubt, and I know the cost is distributed across the entire pool. I just mention it as a reference point.
Our neighborhood is older homes on higher elevation vs a significant percentage of newer developments that are in the flood plain (since that is the remaining land around here) Realistically, the insurance companies and developers share some blame in this because if you don’t build houses in the higher risk areas, you are less likely to have to pay out significant claims on something. But, money upfront is all these people are going for.
Houston has significant hurricane risk, whether or not you’ve actually had a problem.
Sorry g, my home owners only went up by $20 this year. Glad I live somewhere without any real natural disasters