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  1. Embed this notice
    CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 16-Jan-2025 00:10:28 JST CelloMom On Cars CelloMom On Cars

    New rule in #California "will require home insurers to offer coverage in high-risk areas.

    In exchange for increasing coverage, the state will let insurance companies pass on the costs of reinsurance to California consumers.

    The ultimate goal of the new rules is to get homeowners out of the California Fair Access to Insurance Requirements (FAIR) Plan, which often serves as the last resort."

    https://apnews.com/article/california-increases-home-insurance-wildfires-56486f80c0f5f5e63b90db06d230f1d1

    In conversation about 5 months ago from mastodon.social permalink

    Attachments

    1. Domain not in remote thumbnail source whitelist: cdn1.dan.com
      areas.in - Domain Name For Sale | Dan.com
      from @undeveloped
      I found a great domain name for sale on Dan.com. Check it out!
    2. Domain not in remote thumbnail source whitelist: dims.apnews.com
      California will soon require insurers to increase home coverage in wildfire-prone areas
      from https://apnews.com/author/stefanie-dazio
      California will start requiring property insurers to increase coverage in wildfire-prone areas after homeowners across the state increasingly struggle to find policies.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 16-Jan-2025 00:10:28 JST CelloMom On Cars CelloMom On Cars
      in reply to

      This piece is mostly about oversupply built up in the early years of the covid pandemic. And only this one, oblique, reference to the effects of climate change (without naming it):

      "Surging HOA [homeowners association] fees, high insurance costs and destructive natural disasters are also making many #Florida house hunters hesitant to pull the trigger."

      https://www.newsweek.com/florida-faces-pileup-unsold-homes-2007452

      In conversation about 5 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: d.newsweek.com
        Florida faces pileup of unsold homes
        The Sunshine State, along with Texas, now has the highest share of homes sitting idle in the market for over 60 days.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 16-Jan-2025 00:10:28 JST CelloMom On Cars CelloMom On Cars
      in reply to

      "It's clear that the worsening wildfire seasons have been a major driving force behind #California's market instability. Specifically, the 2017 and 2018 seasons were "particularly devastating, raising concerns about the insurability of catastrophic wildfire risk,"

      The massive losses incurred from those fires "wiped out more than a quarter century of cumulative profits for the industry twice over."

      https://www.npr.org/2025/01/14/nx-s1-5251632/california-fires-home-insurance-climate-change
      #HomeInsurance

      In conversation about 5 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: npr.brightspotcdn.com
        How climate change is reshaping home insurance in California — and the rest of the U.S.
        Worsening wildfires are hiking up home insurance rates in California, the biggest market in the U.S. And as climate disasters increase across the country, other states are feeling the pressure too.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 16-Jan-2025 00:10:28 JST CelloMom On Cars CelloMom On Cars
      in reply to

      ""There's lots of people being told that we won't cover you for flood, if you want flood cover it's going to be $20,000.

      "Now in my view that is not a serious offer, that is code for 'you're #uninsurable'."

      Analysts expect banks will start turning down #mortgages in high-risk areas."

      https://www.abc.net.au/news/2025-01-15/insurance-premiums-rising-uninsurable-homes-climate-change/104814932
      #HomeInsurance

      In conversation about 5 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: live-production.wcms.abc-cdn.net.au
        One in 10 homes could become uninsurable by 2035 climate analyst warns
        from https://www.abc.net.au/news/anna-mcguinness/104620556
        One in 10 homes across Australia will be considered uninsurable within the next decade, according to climate change risk analysis modelling.
      Paul Cantrell repeated this.
    • Embed this notice
      jcriecke (jcriecke@urbanists.social)'s status on Thursday, 16-Jan-2025 00:10:28 JST jcriecke jcriecke
      in reply to

      @CelloMomOnCars cities are going to have to upzone to get these people out of the danger zones. the resistance to anything other than suburban housing policies is killing our country.

      In conversation about 5 months ago permalink
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 30-Jan-2025 23:45:49 JST CelloMom On Cars CelloMom On Cars
      in reply to

      "#NewZealand’s insurance market has historically concentrated on earthquake risk when setting reinsurance requirements and catastrophe modelling frameworks. The limited development of weather-related catastrophe models for New Zealand leaves insurers exposed to emerging climate-related threats."

      https://www.insurancebusinessmag.com/nz/news/catastrophe/review--how-rising-climate-threats-reshape-new-zealands-insurance-landscape-520952.aspx
      #HomeInsurance

      In conversation about 4 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: cdn-res.keymedia.com
        Review – how rising climate threats reshape New Zealand's insurance landscape
        Key risks highlighted
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 30-Jan-2025 23:45:49 JST CelloMom On Cars CelloMom On Cars
      in reply to

      "Insurance costs aren't just climbing in the US. In Germany, where floods are striking more often, #HomeInsurance premiums are predicted to double in the next 10 years.

      In Australia — frequently ravaged by wildfires and flooding — 15% of households are experiencing "home insurance #affordability stress," which means they're plowing more than four weeks of their annual income into premiums."

      https://www.dw.com/en/la-fires-cast-light-on-climate-change-insurance-crisis/a-71396879

      In conversation about 4 months ago permalink
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 30-Jan-2025 23:46:18 JST CelloMom On Cars CelloMom On Cars
      in reply to

      This article points out that some homes are over-priced relative to their level of climate risk, and:

      "US consultancy DeltaTerra Capital expects escalating ownership costs to cause a Great Recession-like correction in asset values affecting about a fifth of homes. Its founder Dave Burt was one of the “Big Short” investors who called the 2008 #MortgageCrisis."

      Climate risk is US housing market’s neighbour from hell
      https://www.ft.com/content/08cb8f8b-47b8-44ef-bbad-7ee268a98223

      In conversation about 4 months ago permalink

      Attachments


    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 30-Jan-2025 23:46:18 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Insurance companies are financing oil and gas—even as climate change is pummeling their bottom line

      "Fossil fuel companies made up 4.4% of the investment portfolio of the #insurance industry in 2023, up from 3.8% nine years earlier. Two insurance giants, Berkshire Hathaway and State Farm, increased their fossil fuel positions by around $200 billion in that period."

      https://www.fastcompany.com/91268510/insurance-companies-are-financing-oil-and-gas-even-as-climate-change-is-pummeling-their-bottom-line

      In conversation about 4 months ago permalink

      Attachments


      Paul Cantrell repeated this.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Thursday, 30-Jan-2025 23:46:18 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Banks are not investing enough in #CleanEnergy

      "According to researchers at BloombergNEF, the ratio of spending on low-carbon infrastructure relative to fossil fuels needs to reach 4 to 1 by 2030 to limit #ClimateChange.

      At the end of 2023, the so-called energy-supply banking ratio, which includes debt and equity underwriting, was 0.89 to 1, up from 0.74 in 2022 and 0.78 in 2021."

      https://www.bloomberg.com/news/articles/2025-01-29/global-banks-make-little-headway-in-addressing-climate-change

      In conversation about 4 months ago permalink

      Attachments

      1. No result found on File_thumbnail lookup.
        Bloomberg - Are you a robot?
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:42 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Climate risk analysis firm First Street:

      "Between now and 2055, insurance premiums are projected to rise the most in Miami, jumping 322% from current levels, followed by Jacksonville, FL (226%), Tampa, FL (213%), New Orleans (196%), and Sacramento, CA (137%)."

      https://www.realtor.com/news/trends/biggest-home-insurance-premium-hikes/

      In conversation about 3 months ago permalink

      Attachments


    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:42 JST CelloMom On Cars CelloMom On Cars
      in reply to

      "Federal Reserve Chairman Jerome Powell has warned that obtaining #mortgages in certain parts of the United States may become nearly impossible in the future due to mounting challenges in the insurance sector. "

      https://www.insurancebusinessmag.com/us/news/catastrophe/insurance-could-kill-mortgages-in-some-of-the-us--powell-524516.aspx
      #HomeInsurance

      In conversation about 3 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: cdn-res.keymedia.com
        Insurance could kill mortgages in some of the US – Powell
        Federal Reserve chair gives testimony on a grim vision of the future for home buyers
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:42 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Having #HomeInsurance may not be enough:

      "The Washington Post used the 2020 CZU Lightning Complex fires and the 2021 Colorado Marshall Fire as examples of insurance companies failing to help most people rebuild.

      In the former instance, less than a third of the homes lost in the fires were rebuilt. The Marshall Fire had a similarly devastating result. Around 80% of homeowners had insurance policies that wouldn't cover the cost of rebuilding."

      https://www.thecooldown.com/green-business/homeowners-insurance-policies-covering-climate-change/

      In conversation about 3 months ago permalink

      Attachments


      1. Domain not in remote thumbnail source whitelist: www.thecooldown.com
        Experts warn that victims of major disasters will now face new obstacle to recovery: 'Devastated'
        from Sara Traynor
        Insurance companies are raising their premiums in response to multiple climate disasters, preventing people from rebuilding their homes after wildfires.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:42 JST CelloMom On Cars CelloMom On Cars
      in reply to
      • Ghost Dansing ☠️☑️

      Quite apart from climate change:

      "Insurance companies in the Sunshine State justified massive premium hikes for policyholders as necessary to cover losses at the same time that executives distributed $680 million in dividends to shareholders and diverted billions to affiliates."

      https://www.newsweek.com/florida-insurance-scandal-huge-impact-homeowners-2037711

      Thanks to @ghostdansing for the link
      https://mastodon.social/@ghostdansing@nerdculture.de/114098189799625052

      In conversation about 3 months ago permalink

      Attachments


      1. No result found on File_thumbnail lookup.
        Ghost Dansing ☠️☑️ (@ghostdansing@nerdculture.de)
        from Ghost Dansing ☠️☑️
        Florida insurance scandal has "huge" impact for homeowners https://www.newsweek.com/florida-insurance-scandal-huge-impact-homeowners-2037711 previously secret study revealing that Florida insurers claimed to be losing money because of major storms while transferring billions of dollars to affiliate and parent companies ...
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:43 JST CelloMom On Cars CelloMom On Cars
      in reply to

      But banks and insurers barking up the fossil fuel tree are not even rewarded very well.

      Even from a strictly dollars point of view, investing in fossil fuels has been a bad bet for at least a decade now.

      https://ieefa.org/resources/ieefa-highlights-rise-low-carbon-passive-indexes-compare-favorably-traditional-funds

      In conversation about 3 months ago permalink

      Attachments


      1. https://files.mastodon.social/media_attachments/files/113/922/981/539/222/585/original/7ec27aa88dae8149.png
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:43 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Home insurance is a western thing.

      "One in thirteen homeowners across the United States are UNinsured (7.4 percent)."
      So 92.6% ARE insured.

      https://consumerfed.org/wp-content/uploads/2024/03/Exposed-UninsuredHomes-1.pdf

      Compare:

      "Barely 3% of houses in India are insured. "
      https://www.asiainsurancereview.com/Magazine/ReadMagazineArticle?aid=39698

      "insurance penetration in Indonesia is relatively low amongst ASEAN countries at 1.4%. To illustrate, Singapore;s penetration rate is 12.5%, whilst Malaysia’s and Thailand’s are at 3.8% and 4.6%, respectively."

      https://insuranceasia.com/event-news/indonesia-needs-little-tech-boost-insurance-penetration

      In conversation about 3 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: www.asiainsurancereview.com
        Home insurance: Indians are not at home with it!
        from Asia Insurance Review
        In India, many are still ignoring issues pertaining to safety and security of their homes. Could the new Real Estate Regulatory Authority Act (RERA Act) be a game-changer?
      2. Domain not in remote thumbnail source whitelist: www.cmgassets.com
        Indonesia needs a little tech to boost insurance penetration
        from Aulia Putri Pandamsari
        When compared to GDP, insurance penetration in Indonesia is 1.4%, which is low relative to ASEAN.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:43 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Property Prices in Peril

      "First Street thinks the value of real estate will decline by over $1 trillion by 2055. That's partly because many people will leave big parts of the country that are now experiencing growth, and partly because property values will have to adjust downward to compensate for higher #omeInsurance costs."

      https://www.usatoday.com/story/money/personalfinance/real-estate/2025/02/03/climate-change-migrations-lost-property-value/77888167007/

      In conversation about 3 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: www.usatoday.com
        Climate risk will take trillion-dollar bite out of America's real estate, report finds
        from Andrea Riquier
        Americans are likely to continue moving to areas with risky climates, even as other places are abandoned, and more resilient places welcome newcomers.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:49:43 JST CelloMom On Cars CelloMom On Cars
      in reply to

      The writing has been on the wall for some time, this article spells it out:

      "Because #HomeInsurance is required for most home loans, some economists are concerned that the insurance crisis could reignite a #MortgageCrisis."

      https://yaleclimateconnections.org/2025/01/how-big-insurances-investment-in-fossil-fuels-came-back-to-bite-it/

      In conversation about 3 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: i0.wp.com
        How big insurance’s investment in fossil fuels came back to bite it » Yale Climate Connections
        from Samantha Harrington
        In a vicious cycle, the sector’s financing of oil and gas is having an impact on its bottom line.
    • Embed this notice
      CelloMom On Cars (cellomomoncars@mastodon.social)'s status on Friday, 07-Mar-2025 23:50:17 JST CelloMom On Cars CelloMom On Cars
      in reply to

      Appalachians Are Trapped in a Disastrous Cycle of Flooding and Rebuilding

      "Two years after the 2022 flood, major government funding for rebuilding still has not resulted in a significant number of homes. The state has planned seven communities on higher ground in eastern Kentucky that aim to house 665 new homes. As of early 2025, 14 houses had been completed."

      https://www.wired.com/story/appalachians-are-trapped-in-a-disastrous-cycle-of-flooding-and-rebuilding/

      In conversation about 3 months ago permalink

      Attachments

      1. Domain not in remote thumbnail source whitelist: images.theconversation.com
        In many of Appalachia’s flood-ravaged areas, residents have little choice but rebuild in risky locations
        from Kristina P. Brant
        The latest floods exposed the deep vulnerability of many mountain communities in eastern Kentucky, where land ownership patterns and other barriers to recovery can leave residents with few options.

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