climate change impacting home insurance

This issue of homeowners having their insurance carriers drop them is going to continue and heat up as more disasters cause more costly damages. The current state of affairs is shared in this New York Times article, Insurers Are Deserting Homeowners as Climate Shocks Worsen

There will be increasing pressures put on states that have Insurance Commissioners who look to protect homeowners. Eventually, I still see a push to have a subsidized “all-hazard” home insurance policy like the current National Flood Insurance Program (NFIP). National efforts to formulate legislation like that take time to build. The article stated the issue clearly, “Without insurance, it’s impossible to get a mortgage; without a mortgage, most Americans can’t buy a home.”  For the record, “I don’t support such a program. People have to be personally responsible for the risks that they take.”

If cities and counties can’t sustain their economic growth because people can’t get loans the pressures will keep getting higher and higher.

See this US Senate generated map showing where home insurance policies are being dropped.