Some of the largest U.S. insurance companies say extreme weather has led them to end certain coverages, exclude natural disaster protections and raise premiums

  • 🐱TheCat@sh.itjust.works
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    1 year ago

    If insurers are refusing to cover disasters, then mortgage lenders should be unable to force buyers to buy (useless) insurance

    • downpunxx@kbin.social
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      1 year ago

      silly cat, that’s not how big business collusion and corruption work. mortage lenders will continue to force prospective homeowners to cover and maintain insurance on their properties even if it causes them to default on their payments, then they’ll sell the homes again to flippers or multinationals.

    • thbb@kbin.social
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      1 year ago

      And bankrupt and dispossess the lender if a disaster happens to their newly acquired home?

    • HubertManne@kbin.social
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      1 year ago

      mortgage lenders are going to have to do something. Like require natural disaster be part of the policy. Otherwise they will have people walking away from mortgages after disasters.

    • lntl
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      1 year ago

      then they would lose income, not going to happen. let’s be honest, premiums will go up and coverage will go down.