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Orange Blooded [2867]
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Orange Blooded [3950]
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Re: Media blame climate change for soaring insurance rates
May 19, 2024, 9:12 AM
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Are there less disasters? There are some places where you can't even get insured. My insurance hasn't changed though. Yet I should say.
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Oculus Spirit [98337]
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It's long past time for a coastal homeowners insurance pool
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May 19, 2024, 9:50 AM
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There are two ways to handle insurance that can't be written to be affordable, or profitable. one is a federal program (like flood insurance), OR insurance carriers can pool their resources in a particular state, pay into a pool for assigned risk, like coastal homes, and then the risk is spread among all companies writing homeowners in that state. This would take a lot off the backs of the reinsurers.
There's always been huge risks from hurricanes, etc. But that risk is compounded when the value of the home goes through the roof. So houses double in value in a coastal area, new construction as well, and then you have a hurricane? The risk then doubles. Premiums should as well. Or the company bails on the state.
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Oculus Spirit [98337]
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Cars and trucks are up 30%. Used car prices are high.
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May 19, 2024, 9:47 AM
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Home construction costs are up 30%. It's costing a ton to repair homes. Nothing is coming down. At best it's leveled off 20-30% higher.
Insurance rates necessarily have to rise to do their job rebuilding houses that were 40% less 5 years ago and replace cars worth 30% less 5 years ago.
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CU Guru [1493]
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Re: Cars and trucks are up 30%. Used car prices are high.
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May 19, 2024, 10:09 AM
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And my wages have only increased 12% since 2020. It’s hard out here in these streets.
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CU Guru [1493]
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Re: Cars and trucks are up 30%. Used car prices are high.
May 19, 2024, 10:11 AM
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My bad, 14%. It’s a little less hard out here in these streets than I thought.
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Orange Blooded [4964]
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Re: Media blame climate change for soaring insurance rates
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May 19, 2024, 9:49 AM
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My property values have doubled over the last few years and my insurance premiums have as well. I don't live anywhere near the coast or anywhere else that's had a natural disaster in who knows how long. Maybe premiums are going up because it costs 50% or more to build the same house than it did only a few years ago.
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Oculus Spirit [98337]
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This is the correct answer.***
May 19, 2024, 10:03 AM
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Starter [366]
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Oculus Spirit [98337]
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It's not nice to see at all. What good is it if all the other property also
May 19, 2024, 1:19 PM
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climbs the same amount. Zero benefit. Add to that higher rates, and housing is actually less affordable when you sell your home.
The only people in good shape to sell houses today are those who own them with no mortgage. If you have a 3% mortgage and a decently high amount left on your mortgage (anything half or over especially), you will have a much higher mortgage making a lateral move.
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Oculus Spirit [81949]
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That depends on how much whatever you buy costs
May 19, 2024, 3:48 PM
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There have literally been millions of people who lived up north and sold houses that had mortgages on them, moved down south and paid cash for their new house with the equity from their old house.
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Starter [366]
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Legend [17565]
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More frequent sever weather events, construction costs. population density
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May 19, 2024, 10:04 AM
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In coastal regions would all like be significant variables in in a regression or other analysis of insurance costs. Not to mention insurance companies risk tolerance and profit margins.
Denial of any significant factor lessens the accuracy of the model.
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All-TigerNet [13418]
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^^didn't read the article***
May 19, 2024, 11:10 AM
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All-TigerNet [11750]
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Re: Media blame climate change for soaring insurance rates
May 19, 2024, 9:41 PM
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The less affluent (most of us) are paying double on the farms and living in inland neighborhoods to keep the elite from having to pay quadruple along the coast.
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