Uninsurable America: Climate change hits the insurance industry: FL, CA, TX, LA, and NY....

[riversedge]

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21 hours ago - Economy & Business
Uninsurable America: Climate change hits the insurance industry

https://www.axios.com/2023/06/06/climate-change-homeowners-insurance-state-farm-california-florida?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosam&stream=top



Andrew Freedman




Decisions by two major insurers to stop offering new homeowner's policies in California highlight the growing portion of America that's becoming close to uninsurable.

Why it matters: The threat of climate change-related disasters is a large factor driving up consumer costs and putting insurers out of business in parts of California, Florida, Louisiana and elsewhere.

It is also bedeviling regulators. "I never thought I would see in my lifetime houses that are flat-out uninsurable," says Robb Lanham, chief sales officer for insurance brokerage HUB Private Client, which works with about 500 insurers.

Driving the news: The recent moves by State Farm and Allstate to stop offering new homeowner insurance policies in California have kicked off a national conversation on insuring risk in an increasingly perilous climate.

State Farm said in late May ...........

[live love laugh]

1. Instead of pushing back on politicians they fuck the people.

[live love laugh]

2. Al Gore showed us the same map 20 years ago.

[markodochartaigh]

3. Apparently the icing on the cake

here in Florida was, unsurprisingly, the high level of fraud on insurance claims.

[marybourg]

4. Which the ins. companies were aware of

for decades and chose to do nothing about.

[ancianita]

5. While I had State Farm for 35 yrs in IL, it hasn't insured homes in FL for at least 15-20 yrs.

Due to climate/hurricane liability, not fraudulent claims. It does insure my car, though, but its rates are much higher in FL than in IL.

Insurance costs are one practical reason why people don't move to FL -- it can make the cost of living equal to or higher than those of other states.

Because insurers in FL never cover for more than the buyer pays in premiums -- if those insurers give coverage at all, and I hear down here that they just don't -- one is better off putting their quoted premium payments into a designated personal account so that they can at least get their money back to pay for home repairs due to weather. (Also, just don't live along the coast.)

Insurance is a racket, anyway, particularly for the little guy.

[elias7]

6. "I never thought I would see in my lifetime houses that are flat-out uninsurable"

This has always been the issue. These self-centered cretins don’t think past their own lifespan when considering the existence or ramifications of climate change.

[quaint]

7. 48 years of premiums, no claims, now screw me.

[IbogaProject]

9. This is no New policies

I think the old ones have to be able to be renewed or they loose their whole insurance licence to write any policies.

[quaint]

10. Thank you.

I don't know why I was in outrage mode.

[Uncle Joe]

8. That's climate change's way of "following the money" while money; is running away,

leaving the people behind. Thanks for the thread riversedge