Affordable home insurance is a problem only expected to worsen because insurers and lawmakers underestimated climate change, a new report says.
Los Angeles Fire Department firefighters fight a wildfire burning on the north side of CA-134 and CA-2 freeways, slowly backing towards homes in Glendale, Calif., Sunday, Aug. 25, 2019. The brush fire erupted near the border of Glendale and Eagle Rock and shut down the 134 Freeway in both directions, according to the Glendale Fire Department.
The report says states such as California, Florida and Louisiana – all prone to wildfires and damaging storms and flooding – are likely to see the most dramatic increases in premiums. But the fire that destroyed the Hawaiian community of Lahaina on Aug. 8, as well as the historic flooding that happened in Vermont and Maine in July, are examples of events that could drive up insurance costs for homeowners in other states.
First Street, a New York-based non-profit, has been a to-go researcher on the financial implications of climate change for years. Their research is used by Fannie Mae, Bank of America, the Treasury Department and others for understanding the potential risks to properties. “Our insurance agent said, ‘Just be thankful we didn’t drop you,’ and I said, ‘You did, you just dropped me,’” she said.
Goodlin will soon be one of those homeowners. She said she’s in the process of transitioning to the FAIR Plan.
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