🔥Climate risk is causing insurance companies to withdraw coverage in high-risk areas.
💰Increasing premiums and non-renewal notices are causing financial trouble for homeowners.
🌎The rising cost of wildfires and climate-related disasters is impacting the U.S. economy.
🛡️Communities need to invest in physical infrastructure resilience to address climate risk.
🏘️Limited options are available for homeowners if traditional insurance becomes unavailable.
Why are insurance companies withdrawing coverage in high-risk areas?
—Insurance companies are citing climate risk, increased costs, and the inability to protect investments as reasons for withdrawing coverage.
How are homeowners being impacted?
—Homeowners are receiving non-renewal notices and facing increasing premiums, leading to financial difficulty and potential declines in property value.
What can communities do to address the problem?
—Communities can invest in physical infrastructure resilience and consider collective risk management approaches to mitigate climate risk.
What options do homeowners have if traditional insurance becomes unavailable?
—Homeowners can explore residual markets or government-assisted insurance options, but these may come with higher costs.
How does the rising cost of insurance impact the U.S. economy?
—The insurance sector is a significant contributor to the U.S. economy. As insurance pricing reflects climate risk, it can have implications for real estate markets and economic growth.
00:00The rising challenge of insuring American homes due to climate risk and increasing costs.
04:00Insurance companies are withdrawing coverage in high-risk areas due to climate risk and increased costs.
06:30Homeowners are receiving non-renewal notices and facing higher premiums, causing financial trouble.
09:18Communities need to invest in physical infrastructure resilience and consider collective risk management approaches.
11:25Limited options are available for homeowners if traditional insurance becomes unavailable.
