Posted on Jul 22, 2023
How climate change could cause a home insurance meltdown
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https://www.npr.org/2023/07/22/ [login to see] /how-climate-change-could-cause-a-home-insurance-meltdown
Big wildfires had started burning more often in California, creeping closer to Beth Pratt's home near Yosemite National Park. So Pratt did what homeowners in fire-prone areas are supposed to do: She added a metal roof, traded wood decking for laminate, installed a water tank and a fire hose, and cleared vegetation near her house. Pratt says she emptied her savings to make her "home for life" fire resistant.
But it didn't matter. Earlier this month, Pratt got a letter from Allstate, her home insurer of 31 years, saying her coverage was being dropped because of the threat from wildfires. "I get companies need to make money. I have no problem with that. Increase my rate," Pratt says. "But to just drop people — you know, it's scary. It leaves us feeling extremely vulnerable."
Big wildfires had started burning more often in California, creeping closer to Beth Pratt's home near Yosemite National Park. So Pratt did what homeowners in fire-prone areas are supposed to do: She added a metal roof, traded wood decking for laminate, installed a water tank and a fire hose, and cleared vegetation near her house. Pratt says she emptied her savings to make her "home for life" fire resistant.
But it didn't matter. Earlier this month, Pratt got a letter from Allstate, her home insurer of 31 years, saying her coverage was being dropped because of the threat from wildfires. "I get companies need to make money. I have no problem with that. Increase my rate," Pratt says. "But to just drop people — you know, it's scary. It leaves us feeling extremely vulnerable."
How climate change could cause a home insurance meltdown
Posted from npr.org
Insurance
Climate Change
Allstate
Home
Posted >1 y ago
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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It’s wild how climate change affects so many things we never considered, like home insurance. Insurance companies are feeling the heat because of all these natural disasters happening more often—floods, hurricanes, wildfires, etc. It’s pushing premiums up or even causing some companies to drop coverage entirely. For example, it’s already a big issue in Florida and will only worsen. If you're dealing with this, it’s worth checking out places like https://stormlawpartners.com/florida/fort-lauderdale/ for advice. They might help you navigate things when your insurance company starts acting up.
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