I can’t imagine what it must be like living in the disaster-prone areas of Florida (hurricanes) and California (wildfires), the stories of people opening their homeowners insurance bill and seeing it triple would cause a lot of stress. (and that’s if you can even get insurance!)
David Champion from Can I Retire Yet? wonders…
Does the Cost of Insurance Threaten Homeownership? [Can I Retire Yet?] – “An event as improbable as the Marshall fire would have been unimaginable a generation ago, all the more in the wintry month of December. But once-in-a-lifetime natural disasters have become so commonplace we’re learning about the next before we’ve had time to wrap our heads around the last.
Risk pooling—the business model whereby the many subsidize the few—demands we all pay for events like the Marshall fire. Fair or not, this means homeowners who live in relatively “safe” areas pay to subsidize those who do not.”