Home Insurance Rates in America Are Wildly Distorted. Here’s Why.
www.nytimes.com
Climate change is driving rates higher, but not always in areas with the greatest risk.
  • @[email protected]English
    9•5 months ago

    But new research points to a striking pattern: Higher premiums are being charged in states where regulators apply less scrutiny to requests for rate increases, compared with states where officials question the justifications offered by companies and try to keep rates low, the data show.

    Not what I was expecting to read, but not that surprising either.

    • @mojofrododojoEnglish
      3•5 months ago

      another example of red states fucking their own citizenry over instead of providing oversight.

  • @[email protected]
    3•5 months ago

    I am going to take a wild guess and say that climate change is not the main factor for rising insurance rates…

    • @[email protected]
      1•5 months ago

      Well, it certainly is in some places. But certainly not all, no. Florida for instance; something like 1/3 of the state would be under water if sea level rose by just 5’. Many insurers are already leaving the state entirely, because they can’t charge enough to cover their payments. So, ???

      • @mojofrododojoEnglish
        2•5 months ago

        from what I’ve read sea-level rising is a long, long term issue.

        hurricanes on the other hand are expected to destroy thousands of homes, again and again, each year, from here out. we’ve poured so much heat into the atlantic there’s not much else that can happen.

        • @[email protected]
          4•5 months ago

          At the rate we’re losing glacial ice, I think “long term” in this situation is likely on the order of 100 years or less. But yes, hurricanes are fucking Florida’s shit up; it’s quickly eroding coastal areas, and storm surges can end up flooding pretty far inland.

          • @mojofrododojoEnglish
            2•5 months ago

            oh it’s most definitely going to be a big problem because it won’t just be florida, but yeah, it’s gonna take time (not as long as they predicted but still half a centuryish) for that to inundate the lowlands. Until then, I suspect hurricanes will scour the place clean.

      • @[email protected]
        0•5 months ago

        I dont think it would make a difference outside of the noise of all the other things. I get that the sea rising in Florida would be bad, but I dont think that would play a role in the next long time except on the houses directly on the coast.

  • @[email protected]
    1•5 months ago

    My homeowner’s insurance went up $300 a month this year, and my auto insurance went up FIFTY FUCKING PERCENT along with it