Nah, when the cost of insurance skyrockets, people lose their homes and leave. New buyers come in for a time, but eventually the only buyers are those that can pay cash. They tend to also have the means to leave, if not mitigate the fire risk directly through large scale construction. Same thing is happening in Florida now. Coastal houses that used to be a million dollars, but uninsurable, are being replaced with 5 to 25 million dollar houses that can withstand anything. Or entire neighborhoods get replaced with condos that look like they’re built to withstand anything, but it’s really a scam.
Nah, when the cost of insurance skyrockets, people lose their homes and leave. New buyers come in for a time, but eventually the only buyers are those that can pay cash. They tend to also have the means to leave, if not mitigate the fire risk directly through large scale construction. Same thing is happening in Florida now. Coastal houses that used to be a million dollars, but uninsurable, are being replaced with 5 to 25 million dollar houses that can withstand anything. Or entire neighborhoods get replaced with condos that look like they’re built to withstand anything, but it’s really a scam.