The Washington Post reported, “Home insurers cut natural disasters from policies as climate risks grow“.
“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.”
“they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country”
“places once considered safe from natural catastrophes could lose crucial insurance protections while their natural disaster exposure expands or intensifies ”
“Allstate said its climate risk mitigation strategy would include “limiting new [auto and property] business … in areas most exposed to hurricanes” and “implementing tropical cyclone and/or wind/hail deductibles or exclusions where appropriate.””
“Nationwide said it no longer underwrites coverage for “properties within a certain distance to the coastline” because of hurricane potential.”
“There’s no place to hide from these severe natural disasters”
“a policy in a region afflicted by hurricanes may exclude coverage for wind or hail damage, or in wildfire country, a policy without fire and smoke protection.”
“Activity has been observed in recent years that has differed from historical norms or modeled expectations.”
More articles on Flood Insurance, Rising Sea Levels and Global Warming.