Insurance companies are starting to abandon whole counties and states where the risks of climate change induced hurricanes or forest fires pose to great a risk for them to consider providing coverage any longer. Try getting a mortgage when you can't get disaster insurance.
@Agatha As climate change continues to grow stronger a good portion of currently habitable land, across the planet, is going to become very dangerous, or impossible, to live in. People will have to move.
Unfortunately, if the money isn't there, people still won't be able to move.
@Agatha true - going to be a lot more homeless people
insurance should be non profit, that's hit started. it's only the billionaire CEOs who are whining about losses.
@holon42 even if it was non-profit the cost of insurance in such danger zones would be far out of reach for most homeowners. Climate change devastation is only going worsen every year.
@NorthernInvader I just went through the battle earlier this year. They make stupid demands about the property, I look for other insurance and no one will write new policies in my area, I have to do what insurance tells me (above what I already spend all year doing). They suck.
@NotoriousEPS states/feds are going to have to get into the property insurance business otherwise whole towns/communities will be abandoned/run down/economically ruined as people are no longer able to buy homes or renew their mortgages.
@NorthernInvader I believe Colorado has it in the works already, or are getting close (maybe next year). Hopefully we never have to use it.
@NotoriousEPS They're going o have to or be prepared to have massive realty bankruptcies (houses destroyed and people walk away), economies destroyed, increase in homelessness and so much more, none of it good.
@NorthernInvader Hedge funds don't need mortgages or insurance, they pay cash. Then they can rent the homes back to the former owners for more than the mortgage payment used to be. If the house burns down or floods, it turns into a tax write-off. I'm only sort of kidding. @NotoriousEPS
@NorthernInvader Ha! It was a grumpy. cynical, just-got-home-from-work take, but yes, I can see the possibility of it being a "thing" in some markets.
@NotoriousEPS
@NorthernInvader
All the ignorant haters saying we should "just move" will be the first ones crying "but not to MY town" when we do. Enjoy paying all those extra taxes when your own property values skyrocket.