Insurance rates in California and Florida are surging due to underpriced climate risks, with homeowners finding it increasingly painful to keep up. Insurers like State Farm and Allstate are exiting fire- and flood-prone areas, potentially affecting home values. This situation is part of a broader insurance crisis across the US, exacerbated by inflation and the inability of the National Flood Insurance Program to accurately price the risk, leading to a potential overvaluation of residential properties vulnerable to flooding by $121 billion to $237 billion. Millions of home and auto policies could be canceled after November 2024. California's last-resort insurance backup plan is nearing insolvency, reflecting the struggle of homeowners to cope with rising prices and shrinking availability of home insurance.
Californians are struggling to keep up with rising prices and shrinking availability of home insurance. Here are the stories of five long-time homeowners. https://t.co/DHCJxgNrBL
California home insurance exodus pushes state’s last-resort backup plan toward insolvency https://t.co/5nKleMcY6J
“A separate study published last year in Nature Climate Change estimates that residential properties vulnerable to flooding are overvalued by $121 billion to $237 billion, in part because of the subsidized National Flood Insurance Program.” https://t.co/qspItNc256
"Research shows the soaring costs hint at widespread, unpriced risk as the global climate warms, with states like California, Florida, and Louisiana hit hardest." Markets believe that climate change is real - and expensive. https://t.co/XCX95PRqvO https://t.co/J1fKbwQ9VK
Those who live in high fire danger areas may soon be without homeowners or renters’ insurance. https://t.co/BjxK343eQb
Most do not know just how massive the insurance apocalypse is. Millions of canceled home and auto policies around the US and much more after November 2024. It is not just California and Florida now. One reason? Out of control inflation the inability to keep up. https://t.co/Ec5hqeauAs
Food costs more because of climate change - and it will get worse https://t.co/7cEAupfxuK
Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit https://t.co/f1gAoqROTB
A lot of working-class families in San Jose say they are now on the verge of being priced out of their neighborhoods. But a newly proposed city policy would change that. https://t.co/EBP5wLasZn
California climate risk is underpriced. Florida has been for years and is now catching up - and it's super painful for homeowners. California needs to go through the same pain. https://t.co/zp7NvIMXxd
Why Insurance Rates Have Been Surging in California and Florida https://t.co/yx7qvEiYEm