As the risk of wildfires and hurricanes continues to intensify in states like California and Florida, home insurers are shifting costs of climate-fueled disasters to homeowners by raising premiums and demanding that regulators relax consumer protections.
Still can’t provide a solid service because these days you need to have re-insurance when single Florida Hurricane or California fire will cause several billion dollars of damage.
Assuming every single Florida person paid into a mandatory Mutual insurance pool.
Given 10m house units in Florida, hurricane Ian alone did 100 billion dollars of damage. That’s 10k per house of damage. Of course that’s not all residential house damage, but only 1 hurricane. that just gives you a rough scale of how insurance just won’t work in Florida no matter what in the face of climate change.