If insurance providers were not legally bound to pay out for plans, and if failure to pay wouldn’t see customers flee, they never would.
Nowhere is safe from climate change, but insurers will continue to sap up as much money as they can, and pay out as little as they can, before they finally shut down and leave the government to pick up the mess. They’ll charge premiums for decades, and then right as the disasters those premiums are supposed to cover folks for start to ramp up, they’ll close up shop and laugh their way to the bank.
Private insurance is a cancer that should be cut out.
Clearly the market is telling you it’s time to leave that area. I would not move into an area if they would not ensure me in the area and if I lived there before I would be moving out.
That becomes difficult when their homes are now uninsurable. If they can’t find a sucker buyer to take it off their hands for enough that they can afford one elsewhere, they’re stuck. The govt absolutely needs to step in. If only to save money on disaster relief efforts in future.
I agree that the government ought to step in and just buy the house from them so that they can move to somewhere they’re not going to be flooded all the damn time.
Edit: As you mentioned above, if they bought it, they could knock it down to save on disaster relief later.
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