Climate change-fueled disasters push homeowners insurance marketplace to extremes

With 23 extreme weather events costing more than $1 billion each in losses so far this year, many private insurance companies are pulling out of states like California and Florida altogether. This is leaving homeowners with few choices to protect their most valuable assets. CBS News senior national and environmental correspondent Ben Tracy reports.

#news #homeowners #extremeweather

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[idegteke]

People confident that climate change is not happening should start offering insurance plans for any of these situations, make a huge profit (since climate change and the related events are not really happening and they don’t have to pay out too much insurance money), and they could use their extra income to advertise oil.

[OldScientist]

"There's lies, damn lies, and then statistics." I'm not sure where your getting your numbers from but by focusing on billion and above, you make the losses seem huge. But it's not. The global economy is enormous. Does it take into account inflation or increasing wealth, or more property on coasts? No.
When you use data from the World Bank and global insurance, and try to measure the cost to society, you find the cost is minimal and diminishing. Global weather losses as a percentage of Global GDP sank from 0.25% to below 0.20% between 1990 and 2022.
Based on data published in the Lancet in 2019, GDP percentage Climate-Related Disaster Losses have declined in all global income categories, with the most noticeable declines in the lower income countries (Watts et al., 2019).

[VLuee]

Well cali homes are ridiculously overpriced

[sixvee]

May the Anthropocene (Pyrocene (?)) epoch make the Permian-Triassic extinction event seem like a minor footnote in the pages of Earths history. Seems more and more likely, scenario SSP5-8.5 of the IPCC assessment may become a reality. If it does, enjoy what you can, while you still can; pity the next 3 to 5 generations to come.

[wildbushdog]

Move and live someplace that is affordable. People complain about the cost of living but choose not to live some place affordable. Living beyond a person's economic means is a common problem in the US. There are towns that are nearly deserted but people choose not to move and live somewhere affordable. With the proper infrastructure theses towns could be thriving again. If you want to live in an area that is prone to weather, high inflation and crime that is on you.

[patmcbride]

"Our series: Lying about the causes and effects of climate change"

[eliseolopez]

Not only home insurance but car insurance also to go extinct

[waynethompson]

Should do some investigative reporting in how land management is done these days.

[brucenassar]

wonderful happy greta told them to walk

[simonsatanssnakelikeson]

Can't have an insurance company if you're going to have to pay out insurance claims.

[oleonard]

What did you think was going to happen when millions of stupid people move to disaster zones from low risk areas

[paulreynolds]

Stone and brick houses, from now on..

[George-]

I am fortunate I made productive decisions about my finances that changed my life forever. I live in the US🇺🇸 with my family, bought my second house in April hoping to retire next year if things keep going smoothly for me. 💵💵

[hebneh]

One very strong hurricane directly moving over a major Florida city - particularly Miami - and DeSantis’ dictatorship is pulverized.

[toddfarthing]

Now we know why our ancient ancestors built underground cities and surface cities of monolithic stone.

[globalwarming]

Cheaper to build a fire proof house than pay higher prices or go with out