this post was submitted on 03 Feb 2025
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Insurance companies are pulling out of home insurance markets in certain states because climate change has made them uninsurable. Many places are facing things they rarely if ever witnessed eg I have seen more tornados in NJ, which most years sees zero tornados, from 2014-now than from 1974-2013.
Climate change is real.
I live in America where climate change denial is common. You made a comment about how this has nothing to do with climate change and this is about insurers screwing people out of money. That's not correct IMO but can you see why I thought you were engaging in denialism?
No? That's actually fairly recent. Unless you live in a declared disaster zone you typically could get insurance. Entire states being uninsurable is new. Insurers are pulling out of states like FL and CA because they could not afford to cover the claims when another disaster hit.
It's both? The insurers still cannot afford another massive hurricane around Miami.
This isn't insurance companies, the LA fires alone cost $250 billion, ~the gdp of new Zealand. Even if we abolished insurance companies someone's gotta pay for that. In that vein a lot of insurance companies are abolishing themselves, either going under or just leaving the state because Californiais a net loss to most companies, not a profit. So more people go on state insurance which is very expensive, not because the state is "r*ping you" but because it's a pool of houses highly likely to be burned down or flooded in the next decade and you have to have high premiums to cover that.
The problem is climate change and the increasing disasters it's causing. The article even says that premiums are still too low to account for this.
All policies have nothing to do with climate change more to do with companies raping every dollar they can out of people's wallets. That includes the C02 tax scam.