The insurance situation in California is still getting worse

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  Some home insurers have opted to stop writing new policies in states heavily impacted by disasters including Florida and California.
• Insurers are raising prices, or reducing coverage, as weather events tied to climate change proliferate, and are introducing a new economic calculus for homeowners and homebuyers.
• From May 2021 to May 2022, 90% of policyholders saw their quoted annual premium increase compared to the previous year, according to Policygenius, with the average increase over $130.

Frequent weather catastrophes, induced in part by climate change, are bearing down on homeowners and would-be buyers.

Some home insurers have opted to stop writing new business in heavily impacted states like Florida — currently under threat from Hurricane Idalia — and California, or in other pockets of the country. In other cases, insurers are raising prices, or reducing coverage, and there’s likely to be a continued ripple effect across the country, as weather events tied to climate change proliferate, insurers tighten the reins on risk and reinsurance becomes harder to come by, according to industry experts.

“Consumers everywhere are going to be faced with tougher choices with respect to limits that are available, the coverages they can purchase and deductibles,” said John Dickson, president and chief executive at Aon Edge, which offers private flood insurance and other insurance products...MORE

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A June Treasury report called on states to study and address the risks of climate change. Some states, such as New York, Connecticut, California and Vermont, are further along in these efforts.

“Unfortunately for homeowners there’s no quick fix other than protecting their properties or moving,” Sorkin said. 

They can, however, urge regulators and policymakers to help fix a broken system. “Some of this is going to have to be addressed on a community-wide scale,” Sampson said.

You get the picture...

increasing prices are not caused by the dramatic increases in spending by politicians or the even more dramatic increase in the money supply (about 40 percent) during the pandemic.

neither elected officials nor their appointees are responsible.

how can they be when it is primarily caused by climate change!