Home insurers cut natural disasters from policies as climate risks grow
In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most.
And the real reason for this: "Rate increases for homeowners insurance are regulated by state agencies. That can prevent firms from pricing policies that accurately reflect risk"
On the one hand this article includes that BS about climate change. On the other hand I can understand why insurance companies are pulling out of those high risk areas. The cost of houses and construction materials is crazy. Besides, I've read there was a lot of fraud going in in Florida regarding replacing roofs. It's my understanding if your roof is more than 10 years old they won't insure you now. On the final hand (yes, I'm 3 handed) you will own nothing and be happy. -sammy
Swami sees an uptick in reinforced concrete houses with steel roofs... Also, a few years ago someone came up with a concept that looked like it had potential. The concept was something like a cargo net that covered the whole roof and was connected to inground anchor points in an emergency. Have not seen anything about it in a few years.
If they will not insure any damage from natural disasters, then that means no insurance for people building in areas subject to flooding from ocean and sea rise. Therefore, no bank loans provided for people living in areas who will be flooded because Greta and Kerry said they will drown.
The whole insurance industry is a giant scam, you pay and pay for coverage and when you need to make a claim they nickle and dime you until they aren't paying for what your policy says they are covering....Fuck every one of them.. JD
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ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteAnd the real reason for this:
ReplyDelete"Rate increases for homeowners insurance are regulated by state agencies. That can prevent firms from pricing policies that accurately reflect risk"
On the one hand this article includes that BS about climate change. On the other hand I can understand why insurance companies are pulling out of those high risk areas. The cost of houses and construction materials is crazy. Besides, I've read there was a lot of fraud going in in Florida regarding replacing roofs. It's my understanding if your roof is more than 10 years old they won't insure you now. On the final hand (yes, I'm 3 handed) you will own nothing and be happy. -sammy
ReplyDeleteSwami sees an uptick in reinforced concrete houses with steel roofs... Also, a few years ago someone came up with a concept that looked like it had potential. The concept was something like a cargo net that covered the whole roof and was connected to inground anchor points in an emergency. Have not seen anything about it in a few years.
ReplyDeleteIf they will not insure any damage from natural disasters, then that means no insurance for people building in areas subject to flooding from ocean and sea rise. Therefore, no bank loans provided for people living in areas who will be flooded because Greta and Kerry said they will drown.
ReplyDeleteHow many times have Californians rebuilt houses in the same area after mudslides?
ReplyDeleteThe whole insurance industry is a giant scam, you pay and pay for coverage and when you need to make a claim they nickle and dime you until they aren't paying for what your policy says they are covering....Fuck every one of them..
ReplyDeleteJD