As the losses from natural disasters become more acute, a growing number of insurance firms are declining to offer or renew coverage in California and Florida, leaving 60 million Americans with dwindling options to protect their livelihoods.
"With catastrophe costs at historically high levels and reconstruction costs continuing to climb, we implemented a pause on writing new homeowners policies to more effectively manage our risk exposure," a Farmers spokesperson said in an email.
insurance companies on the hook for any legal costs, even if they ultimately won the case. The Insurance Information Institute estimates that, in just the one month prior to the passage of a Florida state bill ending the practice, some 280,000 lawsuits were filed. Others say the situation in Florida is more complex — and more directly tied to climate change. Amy Bach, executive director at the consumer advocacy group United Policyholders, said the bill designed to fix the"Florida roofing scam" problem"eviscerated people's ability to sue" their insurer.
State Farm, as well as Allstate both recently announced they had stopped writing new policies in California. That's because more potential buyers now won't be able to obtain loans that come with property insurance requirements.
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