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This month, the largest homeowner insurance company in California, State Farm, announced that it would stop selling coverage to homeowners. That’s not just in wildfire zones, but everywhere in the state.

Insurance companies, tired of losing money, are raising rates, restricting coverage or pulling out of some areas altogether — making it more expensive for people to live in their homes.

“Risk has a price,” said Roy Wright, the former official in charge of insurance at the Federal Emergency Management Agency, and now head of the Insurance Institute for Business and Home Safety, a research group. “We’re just now seeing it.”

 

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https://www.nytimes.com/2023/05/31/climate/climate-change-insurance-wildfires-california.html

 

 

NO PAYWALL ARCHIVE LINK

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It's very common here for human caused climate change denialists to ask if climate change is real why are people still buying property in allegedly endangered areas. The fact is that home insurance rates are skyrocketing in areas like California, Florida and flood zones in general. So, while very wealthy people can afford to buy a home in these areas and rebuild, if necessary, for most people that's on the way to becoming out of reach.

Edited June 1, 2023 by placeholder