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Natural Disasters Expected to Cost Insurers $135B in 2024
- sitkack 2y agoThat money would be better spent on preventative measures. The biggest gradient for action is when insurance companies start canceling policies in mass.
- nradov 2y agoThat's already happening with earthquake insurance in California. It costs so much and covers so little that the smart choice for most homeowners is to put the money into structural upgrades instead.
- pkaye 2y agoThere is a program called Earthquake Brace and Bolt in California that subsidizes some of the costs of a basic retrofit. Its mostly about going into the crawlspace and securing the walls to the foundation. They subsidize between $3k and $8k depending on the work done. Only a limited number can be funded each year so they randomly pick among those who apply. We got lucky this year. We are still getting quotes but the out of pocket cost will be under $1k.
- euroderf 2y agoI honestly thought ten or twenty years ago that insurance companies would see this coming and start to cut down on writing policies for borderline customers in order to cut their risk proactively. But, nooo.....