Very believable. It’s long been expected that climate change would increase the severity of various weather-related disasters.
What’s unbelievable is that many insurance companies invest in fossil fuel, further aggravating the problem.
Source: Insurance Majors Invest In Fossil Fuels While Cutting Coverage Due To Climate Risks, published September 19th, 2023
Here’s the best summary I could make of the linked article
Click to expand
Homeowners insurance rates in Nebraska have sharply increased in recent years, with the average premium doubling since 2007. Climate change has been a major contributing factor, as the state has experienced more severe weather events like hail storms that cause extensive property damage. Warmer temperatures have also led to wetter wet periods and drier dry periods. As insurers’ risk models are impacted by the rising costs of these climate-fueled disasters, premiums have risen dramatically for many homeowners, including Jenn Burruss whose rates jumped to almost $2,900. If costs continue to grow, it may force some long-time residents like Burruss out of their homes.
The increases also threaten housing access for lower-income first-time buyers.
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