Home Insurers To Cut Natural Disasters From Coverage

The Washington Post reports:

At least five large U.S. property insurers — including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway — have told regulators that extreme weather patterns caused by climate change have led them to stop writing coverages in some regions, exclude protections from various weather events and raise monthly premiums and deductibles.

Major insurers say they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country, according to a voluntary survey conducted by the National Association of Insurance Commissioners, a group of state officials who regulate rates and policy forms.

In its response to the regulators’ survey, Nationwide said it no longer underwrites coverage for “properties within a certain distance to the coastline” because of hurricane potential. Other changes will come. “More targeted hurricane risk mitigation actions are being finalized and will start by year-end 2023,” Nationwide told regulators.

Read the full article.

Looks like insurers are going woke, refusing to insure against disasters that all the Republican politicians insist are a hoax https://t.co/vTXTWhqUx4

— Dean Baker (@DeanBaker13) September 3, 2023