Even if #millenials can afford to buy a house, the fact that the big #insurance companies -- at least in #California -- aren't writing homeowner policies make such an investment really risky. I wish this #WashingtonPost article had mentioned these 2 things: 1) the fact that #StateFarm, #AllState, #Farmers, and #USAA are "putting a pause on these policies" (words used by agent) because of 2) #ClimateChange.
@CindyWeinstein Millennials and anyone else looking to buy a home may face an additional problem. Mortgage lenders usually require insurance on mortgaged properties. Many insurers remaing in CA no longer write new policies. An overwhelming majority of buyers need a mortgage, so this could be a deal breaker.
I have no mortgage and no insurance
claims, but when I tried to change insurers last year there were few options. Kept old policy which costs 33% more in '24 for same coverage.
@CindyWeinstein And it's going to spread beyond California. The midwest is going to see an uptick in flooding and there are a lot of homes built in flood plains. We bought our house in no small part because it was in a flood-safe area, but we paid more for it even then -- what's it going to be in ten or fifteen years? What's it going to look like when nobody can get flood insurance?
I love, love, love that the effects of climate change are showing up so soon as insurance issues. No one cares about 2 degrees directly, or sea level rise, or climate refugees, or extinction, because those are all basically remote and abstract, but they do care about insurance.
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