Climate Denial Crock of the Week
I posted recently on the emerging insurance crisis in Texas and Louisiana, related to Climate risks.
It’s not getting any better.
If you don’t think you’ve been affected by global warming, take a closer look at your last homeowners’ insurance bill: The average cost of coverage hasreached $1,900 a year nationwide, but it’s $4,000 a year in New Orleans and about $5,000 a year in Miami, according to Policygenius, an online insurance marketplace. And that is pocket change compared with the impact climate change may ultimately have on the value of your home.
We have reached a turning point: Climate risk is driving insurer decisions like never before.
After recent years of paying out claims forabout 20 disasters a year with damagesof over $1 billion, a sixfold increase from the 1980s, insurers are getting serious about new pricing models that incorporate the…
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