Major insurance companies like State Farm and Allstate are withdrawing from providing coverage in areas prone to fires and floods, which could negatively impact home values. State Farm has cited the increasing number of buildings destroyed by climate-related disasters and the rising costs of rebuilding due to inflation as reasons for their inability to protect their investments. This retreat is leaving homeowners with fewer affordable insurance options. In California, a significant number of flood victims find their losses are not covered by standard insurance policies, as flood and earthquake damages typically require additional coverage. The National Flood Insurance Program (NFIP) data shows that only a small fraction, less than 1% of 7.7 million households in Southern California's disaster-declared counties, have flood insurance. Moreover, State Farm stopped accepting new policy applications for California properties in May. The lack of insurance coverage could lead to financial difficulties for homeowners and is also affecting the construction of new housing developments in the state.
Less than 2% of the properties in California are covered by flood insurance. https://t.co/tBrfOR9Yr8 https://t.co/tBrfOR9Yr8
Flood insurance: Most Californians aren't covered under standard homeowners insurance, as some are finding out this week https://t.co/z4zfvIiVzM
US insurers face potential portfolio losses comparable in size to claims from catastrophic wildfires if they delay selling off investments tied to fossil fuels, according to a study by West Coast insurance regulators. https://t.co/3moLr7fh4z
As home insurance becomes more difficult and expensive to obtain in California, fewer #housing developments are being built, according to experts. https://t.co/zJIAWbc8tR
A new study suggests that a significant portion of those losing Medicaid could be at higher risk of losing housing. This makes it harder to access and afford care. • More than 16.4 million Americans have been disenrolled from Medicaid since April. https://t.co/f8aylO7PDA
California’s powerful storms aren’t driving more flood insurance https://t.co/yKb14Q2aLn
Your homeowner's insurance probably won't cover flooding or mudslides. So what does it cover? Here's what you need to know: https://t.co/be6ndKSH43 https://t.co/IZys88Ib9a
Without insurance, many homeowners can find themselves in big financial trouble. Here's what homeowners need to know. https://t.co/byvvP0qUuO https://t.co/bomjTYqfOG
The nation’s largest homeowner’s insurance company, State Farm, stopped accepting new applications for policies on property in California in May. Here's why. https://t.co/byvvP0rskm https://t.co/qzNDKFKhQl
.@LindseyTweeted explains how the insurance business model works —and why some companies are pulling back coverage from fire- and flood-prone areas. https://t.co/byvvP0rskm https://t.co/MYYN0QHu61
How many people bought rental property in CA and thought it was passive income Had no idea that 1. Floods are not covered in the homeowners policy 2. Mudslides are not covered in the HO policy 3. STR is not covered in the HO policy 4. Having to compete with everyone else… https://t.co/EPDjBMxMzQ
How many people bought rental property in CA and thought it was passive income Had no idea that 1. Floods are not covered in the homeowners policy 2. Mudslides are not covered in the HO policy 3. STR is not covered in the homeowners policy 4. Having to compete with… https://t.co/EPDjBMxMzQ
"Data from NFIP shows only 52,400 homes and businesses are covered by flood insurance in the eight Southern California counties declared a disaster area because of this storm. That’s less than 1% of 7.7 million households in the affected area." https://t.co/G18yq64cWk
PSA, for any property owners Flood and earthquake are NOT covered / included in most policies You gotta carry additional coverage for that https://t.co/SlkXmQskRr
Some insurance companies are pulling back coverage from fire- and flood-prone areas, leaving homeowners with limited affordable options. This trend may even affect the property value of American homes, experts say. https://t.co/KWedxa3sst
Some insurance companies are pulling back coverage from fire- and flood-prone areas, leaving homeowners with limited affordable options. https://t.co/XP4QSLocnX
The vast majority of California flood victims’ losses won’t be covered by insurance https://t.co/B3skcwhGWD
“They know risk is just too high to be actuarially sound for their business” State Farm said too many buildings are being destroyed by climate catastrophes, inflation is making it too expensive to rebuild, it can’t protect its investments any longer. https://t.co/1616NNWcMI
Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit https://t.co/Vh4fmHKSGK