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.
@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.
@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 I believe Colorado has it in the works already, or are getting close (maybe next year). Hopefully we never have to use it.