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The NYT has a great podcast on this[1] -- insurers are refusing to insure geographic areas that are seeing a spike in weather like this. Not sure if this applie
by cl42 2y ago
The NYT has a great podcast on this[1] -- insurers are refusing to insure geographic areas that are seeing a spike in weather like this. Not sure if this applies to car insurance, but home insurance is definitely changing.
1: https://www.nytimes.com/2024/05/15/podcasts/the-daily/climate-insurance.html https://www.nytimes.com/2024/05/15/podcasts/the-daily/climat...
- toomuchtodo 2y agohttps://www.marketplace.org/2024/05/28/are-we-in-the-midst-of-a-climate-housing-bubble/ https://www.marketplace.org/2024/05/28/are-we-in-the-midst-o...
- s1artibartfast 2y agoI didn't listen to the audio, but I know many insurers are pulling out of California. However, I think for CA, the bigger issues construction costs and regulations on how much they can charge. The fires were definitely a huge loss, but there is a reason they can't just raise their rates to cover the risk
- MrMember 2y agoInsurance companies in California by law cannot use future predictions to set rates today. If they think there is a higher risk of fire losses in the future there's nothing they can do about it.
- s1artibartfast 2y ago>If they think there is a higher risk of fire losses in the future there's nothing they can do about it. They can stop issuing new insurance policies if they think they will be unprofitable. I also know a few people who have had their policy "accidentally" cancelled, and then they can not get a new one with that company.