The Climate Crisis Is Poised to Make Huge Swaths of America Totally Uninsurable

https://www.thedailybeast.com/climate-redlining-could-soon-make-millions-of-us-homes-totally-uninsurable

Not many care about the ocean rising a few feet or corals dying or salt water intrusion, but INSURANCE…. And, I guess insurance companies will be blamed for their unwillingness to make bad bets.

«Fires on the West Coast, record flooding in the Midwest and the ferocious hurricanes battering the Southeast will all contribute to a significant decrease in home insurance availability.

….

“If you’re super wealthy, you can self-insure,”

….

Most lenders require a mortgage holder to insure their home in order to maintain the mortgage. If the insurance company in their area decides their neighborhood is too risky to insure, then they will lose coverage and likely default on their mortgage. If the mortgage is already paid, it may be extremely difficult to sell a house that can’t be insured.

….

What makes this already difficult situation even worse is that the people who are least capable of bearing this kind of financial burden will likely be the first ones who have to face this reality, as many of the threatened areas are inhabited by socioeconomically vulnerable people.»

A lot of the folks hit by “superstorm Sandy” in New Jersey were not wealthy.

«Florida has in the past pressured insurance companies to maintain home insurance coverage by threatening to not allow those companies to offer things like car insurance in the state if they pull out. Thistlethwaite called this an “ill-conceived” approach since insurance companies will likely just offer worse insurance plans or pull out of the state completely.

…. 

“The only way you’re actually going to keep insurance availability and affordability sustainable is by investing in climate change adaptation.”»

“Adaptation” is going to come up a lot more soon. Even if we manage to bring our CO2 contributions way down.

«Researchers have found that every dollar we spend preparing for a possible natural disaster will save us six to ten dollars we might have spent on recovery.

….

“They used to ask if you’re in a good school zone,” Keenan said. “Now they want to know if you’re in an insurable zone.”»

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