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Literally what's the fucking point of home insurance if it doesn't cover disasters?! What is it insuring?

Cool, I can get hurricane insurance in Iowa and meteorite insurance anywhere else! Fuck off.

When unhindered climate change meets capitalism.

The social costs of carbon emissions are estimated to be around 300 $/t The US is emitting 14 tonnes per person and year. So the damage caused directly and indirectly to the economy is around 4,200 $ per person and year.

The corporations are not paying that. The normal people will and it is starting now. This is what the scientists and experts had been warning and continue to warn about. This is what republicans are fiercly and democrats also very much lying, denying and lobbying against. This will be the rich and corporations eating the middle class and poor.

The american people will be fucked by climate change. Whatever middle class remains for now will be eroded by the additional economic burden of paying up for the damages that will be caused directly and the lack of opportunity and development that will be caused indirectly. Just ask yourself if you could front an additional 200,000 $ over the span of your life.

This is why climate protests demand "system change not climate change". Bot the prevention of climate change and the adaption to climate change are impossible in the current economic system.

Remember, most types of home loans require the borrower to secure property insurance.

Without the ability to get a policy written, some will not be able to close on home loans. Some will not be able to sell their house as no buyers can purchase the property.

The insurance issue is much bigger as it has the potential to lock people into the State for inability to sell and prevent those looking for homes from buying.

This is the best summary I could come up with:

Allstate said its climate risk mitigation strategy would include “limiting new [auto and property] business … in areas most exposed to hurricanes” and “implementing tropical cyclone and/or wind/hail deductibles or exclusions where appropriate.”

Hurricane Idalia brought severe flooding to Georgia and the Carolinas, and tore through parts of Florida that had never experienced direct hits from a major storm.

Natural catastrophes in the first six months of 2023 year in the United States caused $40 billion in insured losses, the third costliest first-half on record, Aon found.

That can prevent firms from pricing policies that accurately reflect risk, said Daniel Schwarcz, who studies insurance markets at the University of Minnesota Law School.

Typical home insurance policies cover damage from all manner of perils, including fire and smoke, wind and hail, plumbing issues, snow and ice, and vandalism and theft.

“Potential changes to the frequency and/or severity of weather-related catastrophic losses pose a risk in both the short and long term,” Nationwide wrote in its survey response.

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That's fine but you can't offer car insurance in those states either then.