The insurance industry is in deep trouble due to the effects of climate change disasters and it is only going to get worse.
https://thinc.blog/2024/05/14/nytimes-blockbuster-on-climate-and-home-insurance/
Without insurance, banks won’t issue a mortgage; without a mortgage, most people can’t buy a home. With fewer buyers, real estate values are likely to decline, along with property tax revenues, leaving communities with less money for schools, police and other basic services.
They don't mention Texas, but insurers are fleeing the state. We've had 4 companies in 6 years.
@NorthernInvader that chart 👀
time for non profit insurance. that's supposed to be its purpose, meatheads🤨😾😤
@NorthernInvader My old neighbors in Florida told me insurance used to be $1K, then went up to $5K for a few years, and then they just received a cancellation from the insurance company. They just dropped them out of the blue because they are in a 1% flood plain. They've never made a claim. Insurance companies are fleeing Florida, too.
@NorthernInvader
We need laws, worldwide, putting an end to for-profit insurance. It's got to be the worst conflict of interest deciding between paying a claim or making more money