XPost: talk.politics.misc, alt.politics.usa, alt.politics.republicans
XPost: alt.elections
On 9/30/23 8:56 PM, John Doe wrote:
On 9/30/2023 6:19 PM, 55c.1056 wrote:
https://www.wptv.com/money/real-estate-news/progressive-rebalancing-policies-in-florida-wont-renew-certain-high-risk-properties
. . .
They seem to have joined several other biggies that have
decided to cut their risks, esp after recent hurricanes
in Florida and the Gulf coast. California fires (and the
constant quake threat) have led big insurers to cut back
there as well.
As to what is "high-risk" ... hard to say at this point.
Houses where you can see the ocean out the window, for sure.
However most that live THAT close are already "rich". The
problem is for the more inland people, the more Regular Joes.
Joe won't be able to get a loan/mortgage because he can't
afford property insurance. That means no new homes unless
lenders radically change their thinking/strategy.
Expect "mobile home parks" to grow exponentially. DID see :
https://i.pinimg.com/originals/d1/a9/45/d1a945768420f28bb0af513cbd6f7f00.jpg >>
which is kinda neat. It'd be cheap and strong, foam-backed
formica or faux-wood paneling for the inside. "Modular"
buildings, the kind you can largely assemble in a day, even
if kinda unattractive, are gonna have a boom as well.
In short, Joe Average won't be able to get that mini-mansion
anymore. Even the traditional 3/2 might be out of reach. Still,
if everybody in the chain adjusts to the insurance issues,
they can still get new houses/housing. The alt is the State
creating huge nasty buildings full of tiny tiny apts and
one bathroom per floor - more the old Soviet paradigm.
Yup. This is one of the many hidden costs of not doing enough to slow
climate change.
"Climate change" is a constant ... and no, the hurricanes
and such aren't so much "worse" - it's the COST of rebuilding
that's gone sky high. For a variety of reasons, it is now
much more expensive to build/rebuild a house that it was even
a decade ago. Regs, worse job prospects,, labor costs and regs
and plain-old inflation have all added to the burden.
We are now near the peak of yet another property-price bubble.
Everybody's cashing in and that makes everything extra costly ...
money which will not be recouped when the bubble bursts (again).
Insurers have calculated all this in high detail.
When the USA had a Bright Future, money coming IN nicely
balanced, indeed over-balanced, the cost of property and
building. But that was the 60s and we are no longer swimming
in money. We've become like so many of those "Other Countries",
kinda just barely getting by so long as China and friends
keep lending us more cash. One day they are gonna STOP
lending us money. Then *splat*, the bread and circuses come
to an abrupt, nasty, end.
As for insurers - there IS a point where they can, likely
will, become so risk-sensitive that they will destroy
themselves ... too few clients, the few in "safe" areas
(which tend to be poor and 'rural'). Then NADA kinda
forever. Insurance depends on LOTS of people NOT having
disasters in order to pay for those few who do have
disasters. The more insurers shrink themselves, the less
viable that model.
So forget about "climate" - beyond "global economic climate".
There's your real problem here.
--- SoupGate-Win32 v1.05
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