In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most.

At least five large U.S. property insurers — including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway — have told regulators that extreme weather patterns caused by climate change have led them to stop writing coverages in some regions, exclude protections from various weather events and raise monthly premiums and deductibles.

Major insurers say they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country, according to a voluntary survey conducted by the National Association of Insurance Commissioners, a group of state officials who regulate rates and policy forms.

Insurance providers are also more willing to drop existing policies in some locales as they become more vulnerable to natural disasters. Most home insurance coverages are annual terms, so providers are not bound to them for more than one year.

  • queermunist she/her@lemmy.ml
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    1 year ago

    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.

    • HubertManne@kbin.social
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      1 year ago

      exactly plus most of human civilization lives near coasts and if they don’t Im guessing wildfire country would be the next most populous.

      • queermunist she/her@lemmy.ml
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        1 year ago

        So hurricanes in Iowa and meteorite impacts. Cool.

        What a good industry to leave in the hands of private interests!