Peter GleickJun 2, 2023

Allstate has joined State Farm in refusing to issue new homeowners insurance.

Do you realize the economic consequences of this threat of climate change? New homeowners will be unlikely to get new mortgages without insurance, and the costs will skyrocket.

Climate changes are going to have economic consequences far exceeding what traditional economists ever predicted.

#climatechange

https://www.sfchronicle.com/california/article/insurance-allstate-fires-18130622.php

Allstate has quietly stopped new home insurance policies in California

Allstate, one of the largest property and casualty insurance providers in California, hit pause on new policies in California last year.

San Francisco Chronicle
Show threadJoe
@petergleick While climate change is a serious issue, this is mostly a tactic to get the state of California to approve larger rate increases. Note that State Farm stopped all new policies, even those in areas with low fire danger.
Jun 3, 2023 at 12:23amWeb