Home insurers cut natural disasters from policies as climate risks grow

[Moonglow]

Is it such a big deal if 5 insurance companies no longer cover homes in hurricane zones? I say it isn't. Want insurance stay far away from those places or rebuild over and over yourself. Easy.

The US government will have to cover it .

 

[ReinyDays]

Maybe discharging PG&E liabilities was a bad idea ... because now it's homeowner insurance policies paying off ...

No one's talking about the high cost of building materials .. are they? ... smells like skunk to me ... that started Aug 30th, 2005 ...

 

[Crick]

The US government will have to cover it .

This is not the first time insurance companies have pulled out of the Florida market. Following Andrew, virtually every company selling homeowners insurance in Florida fled the state. The state (not the feds) created Citizens Insurance, an insurer-of-last-resort. Their rates and deductibles were high and their coverage skimpy but they were required to accept anyone in the state. It kept the mortgage lenders happy, which was it's real purpose. Citizens was funded by the premiums on its policies, the Florida Hurricane Catastrophe Fund and private reinsurance. The Catastrophe Fund is funded by "several sources. Reimbursement premiums paid by participating insurers are the primary source of funding to cover FHCF's reimbursement obligations. In addition to these premiums, other sources of funds to pay FHCF claims include investment income, proceeds from pre-event bonding, recoveries from reinsurance and other risk-transfer transactions, and proceeds from post-event revenue bonds."

https://oppaga.fl.gov/ProgramSummary/ProgramDetail?programNumber=4042#:~:text=The%20purpose%20of%20the%20FHCF,of%20their%20catastrophic%20hurricane%20losses.

So, US taxpayers were not funding homeowners insurance in Florida.

 

[Moonglow]

Hell, the insurance companies don't want to pay for non-natural disasters either.

 

[EMH]

Meanwhile, the strongest decade for canes is still the 1940s...

U.S. Hurricane Strikes by Decade

And Hurricane Lee (Majors) is barely a Cat 1 and won't be for long passing by NC, while the 1938 cane hit homO Island (Martha's Vineyard) with 180 mph gusts....

but this year's ocean temps are "warmest ever..."

LOL!!

The IDIOCY of the Co2 FRAUd

 

[Blues Man]

Hey if you're stupid enough to build a house in tornado alley that's your own fault

 

[badbob85037]

https://archive.ph/wIDtr#selection-351.0-351.71

At least five large U.S. property insurers — including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway — have told regulators that extreme weather patterns caused by climate change have led them to stop writing coverages in some regions, exclude protections from various weather events and raise monthly premiums and deductibles.

Major insurers say they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country, according to a voluntary survey conducted by the National Association of Insurance Commissioners, a group of state officials that regulates rates and policy forms.

U.S. insurers have disbursed $295.8 billion in natural disaster claims over the past three years, according to international risk management firm Aon. That’s a record for a three-year period, according to the American Property Casualty Insurance Association.

LOL.....I knew it would not be long before insurance companies would use the excuse of "climate change" to deny coverage....You dems happy now? Your grift scheme has caught-up with you.

Yep, CC's the new lawyer catch-all escape clause.

”See your honor, since the storm was the result of ‘climate change’ and the plaintiff drives an SUV, it’s essentially negligence on the part of the plaintiff and therefore self inflicted.”

And you know what?

You think we would have learned something when auto insurance became mandatory before we knew why a coupe cost $300 more than a sedan. I think everyone would know, with the biden economy everything has gone up from 250% to 600% including insurance and property taxes. Now if anyone knows anything that's price has not going way up let me know. I'm running out of Joe Biden 'I did that' stickers.