To be honest .......i never ...... ever ....... liked california ...... its a shithole ......... used to be good ...... way........ way........ back when like the 70's ........... when all the great musicians gathered there ......... now its full of ....... fucking........ filthy........ dirty....... nasty ....... shitty ........immigrant ......... junkies run by democrats ....... thanks........ you dirty ...... filthy ......servile ...... ignorant ....... gavin newson basatrd.......... i hope you get scrotal cancer.........you fucking pig ....
Alarming report warns that huge number of once-valuable homes may soon be 'worthless': 'State of crisis'
A study has shown that destructive weather patterns are causing massive strain on the California home insurance market, according to InsuranceNewsNet.
What's happening?
California has been battered by catastrophic wildfires in recent years, leaving properties and lives in shambles.
Direct air capture company Deep Sky has released findings showing that one in five homes in the most extreme fire risk areas of California have lost insurance coverage since 2019. Many insurance companies pulled coverage just months before the record-setting Palisades fires in January 2025.
"The home insurance market is in a state of crisis. The highest risk areas of California have effectively become uninsurable and will soon become unaffordable," said the report. "Banks will not approve mortgages without home insurance, and few will buy a house without a mortgage (in a high risk wildfire area no less). Without significant policy intervention, these properties will eventually become worthless."
Why is home insurance important?
"We are in a statewide insurance crisis, affecting millions of Californians," said Insurance Commissioner Ricardo Lara, per InsuranceNewsNet. "Taking this on requires tough decisions. This is not a game."
This sentiment has been shared by the U.S. Senate Budget Committee, which has projected that climate shifts will prompt a housing market crash worse than the one in 2008.
Watch now: How bad is a gas stove for your home's indoor air quality?
What's being done about home insurance hikes?
Wildfire season has begun in the state, and solutions are hard to find.
"California is just entering the worst phase of its crisis," said Diane Delaney, executive director of the Private Risk Management Association, per InsuranceNewsNet. "Regulatory limitations have made it difficult for insurers to adjust pricing or expand capacity in high-risk areas."
While California has a state-backed insurer of last resort, the amount of risk they're able to be exposed to is limited.
Florida has attempted several reforms, which have included financial support for insurers, but homeowner rates have continued to rise despite the "corporate welfare."
Do you feel like your home is well-insulated? |
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