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Politics : Climate Change

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From: ryanaka	9/15/2019 3:30:55 PM
	of 853

The Climate Crisis Is Poised to Make Huge Swaths of America Totally Uninsurable“People are going to be trapped because once it’s uninsurable, good luck selling the house,” one climate expert cautioned. thedailybeast.com climate change will cause many neighborhoods to be excluded from insurance policies. federal disaster aid can often be “limited or delayed,” which is one reason having home insurance is so crucial. There is really no substitute for insurance for having the needed funds quickly post-disaster to begin recovery. Fires on the West Coast, record flooding in the Midwest and the ferocious hurricanes battering the Southeast will all contribute to a significant decrease in home insurance availability. Only the super-riches will survive: “If you’re super wealthy, you can self-insure,” Keenan said. “For others, they will no doubt be forced into an eventual foreclosure because they’re defaulting on their mortgages.” Most lenders require a mortgage holder to insure their home in order to maintain the mortgage. If the insurance company in their area decides their neighborhood is too risky to insure, then they will lose coverage and likely default on their mortgage. If the mortgage is already paid, it may be extremely difficult to sell a house that can’t be insured.

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