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

WP gift article expires in 14 days.

https://ghostarchive.org/archive/I8sQe

  • LoamImprovement@beehaw.org
    19·
    1 year ago

    What’s the fucking point of getting homeowner’s insurance if it’s not going to cover the most likely source of damage? Earthquakes, wildfires, floods, a tree falling on it during a storm? All natural disasters. Are people in florida going to ‘accidentally’ set their houses on fire to ensure they’ll be able to file a claim after a hurricane?

    • Thrashy@beehaw.orgEnglish
      14·
      1 year ago

      In Florida, the alternative is a (very expensive) state-funded program that acts as an insurer of last resort. With so many insurance firms cutting their losses and leaving the market, though, I suspect that program is about to be severely overloaded, while many Floridians also find their homes suddenly unaffordable. If there’s going to be a solution, it’s going to have to come from the state, but given that the party in power there is still firmly committed to pretending climate change is a hoax, I wouldn’t hold my breath. My guess is that there’s going to be a lot of migration away from Florida and other Republican-dominated coastal states as issues with cost and availability of insurance force homeowners to make some hard financial decisions.