My home insurance is 14 euros per month. What the fuck is the US doing?
this post was submitted on 31 Mar 2024
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Suffering under more natural disasters than anywhere in Europe.
And profiteering off of it
If the price is inflated someone ought to start an insurance company to cover those folks for less and arbitage themselves into vast riches for all these underserved folks. More likely the prices reflect reality and they should pay them.
I don't know what's going on the home owners side, but almost half of that is the highest flood insurance rate possible. (So a super high risk area) the flood rates are managed and get capped out. It's what enrages anyone around an inland plane. My 1 every 100 year flood coverage for an overflow brook costs 75% the rate of a coastal home that's likely to end up entirely in the ocean in the next decade.
N a t i o n a l i z e
I cannot think of something I want nationalized less than home insurance. Climate change means that some areas are actually much riskier than they were before and the truth is some portion of households are going to become uninsurable and others are going to become expensive. Option 1: The expense of insurance and risk can be priced into the property at time of sale to a buyer willing to bear the cost. Option 2: If we are going to give free money to these people when their house is destroyed with government subsidized insurance to cover disasters it should be on condition of condemning uninsurable properties not rebuilding them multiple times.
counterpoint: similar to how nationalizing health insurance has lead states around the world to take safety and health seriously as a cost saving measure, nationalizing home insurance would lead to climate change being taken seriously as a cost saving measure.
My grandmother's home insurance has gone up close to 1000$ the past two years combined. I've been wanting to leave this doomed place for awhile, and I can't wait to buy a house in the mountains.
My take on this is that the root cause, like many other significant problems that we are seeing, is clearly wealth inequality. Yes, climate change is a big factor but, if the populace was readily able to afford replacement of homes impacted by natural (and human-augmented) disasters, insurance would have no problem. With how expensive homes have become due to artificially-constrained supplies, insurance companies have become an absolute necessity to mitigate homeownership risks and, when they pay out, and up needing to fork over more cash.
Please don't misconstrue this as support for the insurance industry. They are just necessary at this time for people to manage risks in areas that cost far more than they should (healthcare, transportation, homes, etc).
These folks are losing their insurance. But even those of us who live in safe areas with little to no history or indicators of disaster are still seeing rates skyrocket. Mine were raised 30% this year and I have no risk of flooding or wildfire, and very low risk of storm or earthquake damage. Crime in my neighborhood is the lowest in the region (kind of surprising considering it’s very working class mixed with lots of low income housing), and has no history of damage to the property at all. But still, 30% hike with no reason given. My car insurance jumped 25% too.
Start an insurance company.
There's a simple solution here...take away these comp abilities to offer car insurance.... it's not as if their profits are non existent.
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