Emerging Climate Crisis for Home Insurance | Climate Denial Crock of the Week

Emerging Climate Crisis for Home Insurance | Climate Denial Crock of the Week

Two consecutive disastrous wildfire seasons have created a budding insurance crisis for thousands of Californians who live in and around fire-prone areas. Stung by $24 billion in losses, insurers are imposing rate hikes or dumping customers altogether, leaving homeowners to seek replacement policies that can be two or three times as expensive.

“It’s really sticker shock for people to see their homeowners’ (premium) go from $1,200 to $3,600,” said Richard Harris of Harris Insurance Services, an independent agency in Grass Valley. “They can’t afford these increases, and they leave crying. We can’t help them. You can only have so many people leaving your office crying.”

State officials know they have a problem on their hands, though lax insurance industry reporting requirements make it difficult to determine just how widespread it is. A task force advising Gov. Gavin Newsom and the Legislature reported in June that homeowners’ insurance costs at least 50 percent more in wildfire zones than elsewhere.

via Emerging Climate Crisis for Home Insurance | Climate Denial Crock of the Week

Without major transformational changes, insurance will soon be only affordable for the rich, and not available for the poor.

Increasingly large and more frequent storms, floods, earthquakes, tornadoes and fires will end up causing huge increases in premiums or insurance not being available at all in the future.

Violating Natural Law has a cost and a consequence. Natural Law does not care if you believe in it or not. The Law Of Karma works despite unbelief, denial or fatalism.