Because our system puts protecting the profits of insurance companies above any public benefit they provide, insurance companies that have grown rich by raking in premiums for years, have now suddenly cancelled 350,000 California homeowners insurance policies. Cancelled. Done. All those premiums paid in? Ashes.
Jennifer Burt knows she lives in a fire-prone community. That’s why she’s done everything she can to fire-proof her home in Meadow Vista, in the bushy, densely wooded Placer County foothills, even installing a sprinkler system on the roof.
Yet a few weeks ago, her insurance carrier — Lloyd’s of London, known for insuring high-risk properties — told her it was declining to renew her homeowners’ policy.
Uninsurable means unsellable. So these properties will be coming onto the market at literal “fire sale” prices. The same fate is probably in store for coastal Delaware. It is an economic and climate change inevitability at this point.
Read more here: https://www.sacbee.com/news/politics-government/capitol-alert/article232575652.html#storylink=cpy