Insurers Are Deserting Homeowners After Natural Disasters
Insurers Are Deserting Homeowners After Natural Disasters
As increasingly severe natural disasters ravage the South, insurance companies are abandoning clients, increasing premiums, and fighting regulation measures — forcing homeowners to fend for themselves in the wake of destruction.
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If insurance providers were not legally bound to pay out for plans, and if failure to pay wouldn't see customers flee, they never would.
Nowhere is safe from climate change, but insurers will continue to sap up as much money as they can, and pay out as little as they can, before they finally shut down and leave the government to pick up the mess. They'll charge premiums for decades, and then right as the disasters those premiums are supposed to cover folks for start to ramp up, they'll close up shop and laugh their way to the bank.
Private insurance is a cancer that should be cut out.
Private ownership of capital altogether, but yeah.