Welcome to uninsurable America

[multivita-man]

No place is 'safe' from climate instability. Insurance companies are going to start figuring this out everywhere, as they have in FL, CA, and TX.

Drone video shows coastal New Hampshire town flooded by seawater for second time this year​

Drone video shows coastal New Hampshire town flooded by seawater for second time this year

A winter storm brought renewed impacts of coastal flooding to southeast New Hampshire over the weekend.

www.foxweather.com

 

[SNOWFLAKE]

Fox weather no less, guess Righties won't have the excuse that this information is courtesy of the fake MSM.

 

[Rogue Valley]

Insurance costs are unsustainable in Florida. Many are leaving.

 

[HIP56948]

Insurance costs are unsustainable in Florida. Many are leaving.

Amen. My wife knows 2 families, in a nice area. (350-450 thousand houses)
Don't know what each of her friends houses cost but, do know what the insurance would be if they took it with roof, total repair..(they didn't)
$14,600 and 17,250 I thought: Jesus Christ! That 17,250 is 47 bucks a day, Over 1400 per month. Screw that. Big time.
I have insurance without the roof clause... 'bout 2700 ..But..my best friend owns a professional roofing company. I lucked out.

 

[multivita-man]

Insurance costs are unsustainable in Florida. Many are leaving.

And California, and Texas. Most of the rest of 'Murikuh' will tell themselves, it's a coastal problem. Until 'precipitation bombs' destroy property en mass in places like Vermont, New York, Virginia...

 

[Integrityrespec]

No place is 'safe' from climate instability. Insurance companies are going to start figuring this out everywhere, as they have in FL, CA, and TX.

Drone video shows coastal New Hampshire town flooded by seawater for second time this year

A winter storm brought renewed impacts of coastal flooding to southeast New Hampshire over the weekend.

www.foxweather.com

Of course they are when the government keeps telling us that climate change is responsible for wild fires. Not a careles smoker, or camper, or deliberate arson. Not bad electic wiring and certianly not a dry season which the earth has experienced for all time.

 

[dseag2]

I have friends that live in South Florida. They have a fairly small, modest house in a highly desirable area near downtown Miami. They have done the research, and theirs is one of the few houses that is expected to be unaffected if their neighborhood has a catastrophic flood. I actually think it is a 2-bedroom house and their homeowners' insurance is over $10,000 per year.

I grew up in Tampa on a canal off the Gulf of Mexico and often think about how nice it would be to live on the water again, but those days are past.

 

[longview]

Insurance is a strange product, but they do want to stay in business! I suspect that for high risk areas the deductibles will increase if the market cannot bear the premiums.
In coastal counties in Texas windstorm is already a different product, from normal homeowners insurance.

 

[multivita-man]

I have friends that live in South Florida. They have a fairly small, modest house in a highly desirable area near downtown Miami. They have done the research, and theirs is one of the few houses that is expected to be unaffected if their neighborhood has a catastrophic flood. I actually think it is a 2-bedroom house and their homeowners' insurance is over $10,000 per year.

Worse, cities are sinking as water is rising

 

[dockside]

Of course they are when the government keeps telling us that climate change is responsible for wild fires. Not a careles smoker, or camper, or deliberate arson. Not bad electic wiring and certianly not a dry season which the earth has experienced for all time.

The earth may have experienced dry season for all time. But, it didn't have billions of human beings destroying a good portion of it so the wild fires, etc., were undoubtedly fewer in numbers and a natural part of replenishing the forests and grasslands.

 

[dmpi]

Insurance companies aren't ripping off the customers rather their cost to repair is skyrocketing due to inflation and even worse the govement is dictating the what criteria they can use to set premiums and who they have to insure.

 

[Glitch]

Insurance is a strange product, but they do want to stay in business! I suspect that for high risk areas the deductibles will increase if the market cannot bear the premiums.
In coastal counties in Texas windstorm is already a different product, from normal homeowners insurance.

It is common for insurance companies to refuse to sell earthquake insurance for as long as six months after a magnitude 6.0 or greater earthquake in Alaska. You can't buy it at any price for months at a time. When they do offer earthquake insurance in south central Alaska it costs more than all the other insurance premiums combined. The earthquake insurance premium will easily double the cost of your home insurance and include a massive deductible.

I can't blame insurance companies either. If I moved to where hurricanes or tornadoes were as common as earthquakes are in south central Alaska, I would expect to pay a great deal to be insured for those disasters. On the other side of the coin, I would imagine that earthquake insurance is as cheap in Florida as hurricane insurance is in south central Alaska.

What the OP clearly is not able to grasp is that he is talking about weather, not the climate. That is bound to happen when one lacks an education and requires media propaganda to provide that education. They just end up looking like the uneducated fools they are.

 

[longview]

Insurance is gambling from the House's perspective.
Random events like a single house fire, fall onto a statistical curve.
An insurance company can insure a million homes, knowing that 0.25%
of them could have a fire in any given year. If they collect $1000 from each of the one million homes,
and the loses of 2500 fires are less than $1 billion dollars, they make a profit.
Where this goes off the rails, is when a Hurricane, flood, Earthquake, or wildfire event,
damages 20% or more homes in a given area.

 

[Peacenik]

No place is 'safe' from climate instability. Insurance companies are going to start figuring this out everywhere, as they have in FL, CA, and TX.

Drone video shows coastal New Hampshire town flooded by seawater for second time this year

A winter storm brought renewed impacts of coastal flooding to southeast New Hampshire over the weekend.

www.foxweather.com

Capitalism fail: Florida and Louisiana had to set up government-run home insurance. Republicans had to do this. It must have galled them to no end.

 

[Peacenik]

Of course they are when the government keeps telling us that climate change is responsible for wild fires. Not a careles smoker, or camper, or deliberate arson. Not bad electic wiring and certianly not a dry season which the earth has experienced for all time.

Total BS. Reality says otherwise.

Climate Change is responsible for increased property damage all over the world.

 

[Slartibartfast]

Capitalism fail: Florida and Louisiana had to set up government-run home insurance. Republicans had to do this. It must have galled them to no end.

They will use the state provided insurance, bankrupt that insurance, demand a federal bailout, and then complain about the federal deficit.

 

[Peacenik]

Insurance companies aren't ripping off the customers rather their cost to repair is skyrocketing due to inflation and even worse the govement is dictating the what criteria they can use to set premiums and who they have to insure.

The insurance business is a total racket. Their executives and investors have profited big time for all the years and decades there were no major losses. They could have been building a huge fund with which to cover losses without raising rates irresponsibly. Instead, they took the money each year just because there was "extra cash" left over at the end of that year without major losses.

Then comes a time when there are major losses and all of a sudden they claim they can't cover it. Total mismanaged bullshit. They seemed to think it was easy street, collect all this money and then take too much profit when they could have been building a stronger position to be able to cover losses.

They are crooks. Insurance is a racket.

Oh, sure, they did everything according to the law - laws they control because they bought Congress with all the money they were supposed to be using to build a contingency fund.

 

[multivita-man]

Capitalism fail: Florida and Louisiana had to set up government-run home insurance. Republicans had to do this. It must have galled them to no end.

But state budgets can only go so far. Florida does not have the money to insure the real estate that will soon become uninsurable in the private market. And Louisiana damn sure doesn't. This will eventually have to be a joint federal-state pool, and considering how FEMA is chronically under-funded, I don't have a lot of faith in it.

 

[longview]

But state budgets can only go so far. Florida does not have the money to insure the real estate that will soon become uninsurable in the private market. And Louisiana damn sure doesn't. This will eventually have to be a joint federal-state pool, and considering how FEMA is chronically under-funded, I don't have a lot of faith in it.

Keep in mind that if a property is uninsurable in the private market, the government is just shifting the risk
of people building or buying where they should not to the taxpayers.
Federal programs like flood insurance, cause unintended consequences, because they subsidize high risk groups.
Flood Insurance for my home, would be $800 a year, but I have near zero risk.
A friend who had a home within 50 yards of Galveston Bay, paid $300 a year for subsidized flood insurance.
Since the 1970's the subsidized area has flooded at least 4 time, my area zero.

 

[Peacenik]

But state budgets can only go so far. Florida does not have the money to insure the real estate that will soon become uninsurable in the private market. And Louisiana damn sure doesn't. This will eventually have to be a joint federal-state pool, and considering how FEMA is chronically under-funded, I don't have a lot of faith in it.

They will have to do it. If that institution fails, the economy goes splat.

 

[multivita-man]

They will have to do it. If that institution fails, the economy goes splat.

It gets complicated. We already have a pretty bad debt situation, and now we're asking a government with a debt-GDP ration beyond 100% to underwrite millionaires' properties.

Oookaaay.

 

[Glitch]

Keep in mind that if a property is uninsurable in the private market, the government is just shifting the risk
of people building or buying where they should not to the taxpayers.
Federal programs like flood insurance, cause unintended consequences, because they subsidize high risk groups.
Flood Insurance for my home, would be $800 a year, but I have near zero risk.
A friend who had a home within 50 yards of Galveston Bay, paid $300 a year for subsidized flood insurance.
Since the 1970's the subsidized area has flooded at least 4 time, my area zero.

Flood insurance varies considerably in Alaska. In the Anchorage borough, where about half of the State lives, flood insurance will set you back $834. While flood insurance will cost you $2,019 in the Dillingham Census Area. It would cost me $346 to insure my property against flood. However, since my property is on a hill and not in a flood plain, I opted not to include flood insurance.

The only water I've had to deal with in the 21 years since I bought my property is the snow run-off during Spring. A couple of strategically placed dry wells takes care of that problem, ensuring that I have no standing water on my property. No need for flood insurance.

Fire insurance, however, is another story. I really don't need flood insurance, and I cannot afford earthquake insurance, but since I live in a forest I absolutely must have fire insurance. I also made certain that my property was less than a mile away from the fire station when I bought it. In 1996 my area suffered the Miller's Reach fire that burned 37,000 acres and destroyed 344 homes. It took 37 fire departments and 1,800 firemen two weeks to get that fire under control. So I am rather paranoid when it comes to fire. I don't even use my burn barrel unless it is raining or snowing outside.

 

[Peacenik]

It gets complicated. We already have a pretty bad debt situation, and now we're asking a government with a debt-GDP ration beyond 100% to underwrite millionaires' properties.

Oookaaay.

No problem. There is plenty of wealth in this nation to cover our needs. All that has to be done is tax the rich to cover it.

They will pay, too. They need America to protect their wealth. They would rather pay more taxes than to lose it all if the nation fails and dollars become worthless.

 

[longview]

No problem. There is plenty of wealth in this nation to cover our needs. All that has to be done is tax the rich to cover it.

They will pay, too. They need America to protect their wealth. They would rather pay more taxes than to lose it all if the nation fails and dollars become worthless.

Those who do not study history are doomed to repeat it.
The rich have options the rest of us do not, they can take their toys and leave.
As for insurance, they can afford to get a policy with a very large deductible, or simply take the risk themselves.
Whereas most of us would not consider a policy with a $100,000 deductible, a person whose worth is tens of millions of dollars
might see it a good way to cut expenses.

 

[multivita-man]

Jerome Powell just revealed a hidden reason why inflation is staying high: The economy is increasingly uninsurable

Housing and auto insurance costs are soaring because of climate change and more expensive car parts, says Fed Chairman Jerome Powell.

finance.yahoo.com

Jerome Powell just revealed a hidden reason why inflation is staying high: The economy is increasingly uninsurable​

The more frequent extreme weather caused by climate change is leading to higher risk for insurance companies, which has led them to increase their prices, according to a study from Bankrate. Over the past decade, the U.S. has experienced a record $1.1 trillion in damage from severe weather, the most on record, which has contributed to higher insurance costs, the study claimed.