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wow, its almost as if we should cut off the heads of insurance CEOs and nationalize them all into one low cost government plan thats paid for with pennies on the dollar in taxes.

lol, who am I kidding. Idiot Americans will always prefer paying 3000 dollars for bad coverage, rather than pay 100 in taxes for great coverage.

Insurance, both property and health, is completing it's morph into a parasitic value extraction tool with zero actual use. They are committing straight fraud at this point, daring people to sue them for contract breach, knowing many won't

The issue isn't just local. "This is predicted to cascade into plunging property values in communities where insurance becomes impossible to find or prohibitively expensive - a collapse in property values with the potential to trigger a full-scale financial crisis similar to what occurred in 2008," the report stressed.

I know this isn't the main point of this threadpost, but I think this is another way in which allowing housing to be a store of value and an investment instead of a basic right (i.e. decommodifying it) sets us up for failure as a society. Not only does it incentivize hoarding and gentrification while the number of homeless continues to grow, it completely tanks our ability to relocate - which is a crucial component to our ability to adapt to the changing physical world around us.

Think of all the expensive L.A. houses that just burned. All that value wasted, "up in smoke". How much of those homes' value is because of demand/supply, and how much is from their owners deciding to invest in their resale value? How much money, how much human time and effort could have been invested elsewhere over the years? Notably into the parts of a community that can more reliably survive displacement, like tools and skills. I don't want to argue that "surviving displacement" should become an everyday focus, rather the opposite: decommodifying housing could relax the existing investment incentives towards house market value. When your ability to live in a home goes from "mostly only guaranteed by how much you can sell your current home" to "basically guaranteed (according to society's current capabilities)", people will more often decide to invest their money, time, and effort into literally anything else than increasing their houses' resale value. In my opinion, this would mechanically lead to a society that loses less to forest fires and many other climate "disasters".

I have heard that Japan almost has a culture of disposable-yet-non-fungible homes: a house is built to last its' builders'/owners' lifetime at most, and when the plot of land is sold the new owner will tear down the existing house to build their own. I don't know enough to say how - or if - this ties into the archipelago's relative overabundance of tsunamis, earthquakes, and other natural disasters, but from the outside it seems like many parts of the USA could benefit from moving closer to this Japanese relationship with homes.

I think the curious aspect of this is that business is absolutely aware, and acknowledges existence of the climate change.

When your insurance drops your coverage, that's your cue to GET THE FUCK OUT BEFORE YOU HAVE YET LOST EVERYTHING.

Those actuarial tables are designed from the ground up and refined over literally decades (up to around a century in some cases) to predict risk and while they're not always perfectly accurate they are clearly ENOUGH so that they have made it possible for insurers to remain profitable.

IF THEY KNOW ANYTHING THAT YOU DON'T, THEY ARE DEFINITELY ACTING ON IT.

I know you can't literally just drop everything, or fit absolutely everything that matters to you in your car in a pinch, but you WILL be better off if you've packed up and prepped for transport as many as possible of the things that would hurt you and/or inconvenience you the most to leave behind.

So for those of you who haven't already experienced total loss, learn from this. Prepare yourselves. The people displaced by this will strain many other extant failure points in our society. Shit is about to get MUCH, MUCH WORSE.

Did the CEO's house burns down in the wild fire as well?

Meanwhile the insurance companies are throwing parties right now for pulling out ahead of the disaster. Probably tweaking their models to make sure they're not at risk anywhere else.

Don't worry though, the incoming administration will be working with local governments to prepare for future challenges... Or ignoring them and dismantling any and all efforts to mitigate climate disasters. One or the other.

I'm sorry, are we just skipping over the regulations that caused these companies to pull out? Most of these homes would still be covered. They'd be paying a higher price, but they'd be covered.

When you put a legal cap on costs, the company will pull out.

Funny how the rich argue with climate change when it benefits them. For decades they denied it fiercely and now it's time to pay... even if we take all from them (which we should) it's not enough repair the damages their behavior caused.

The insurance companies gotta keep their shareholders happy. That is the number 1 priority and fuck the customer.