||| FROM JANET ALDERTON |||
Homeowner’s Insurance protects what may be our largest investment. This insurance is required by lenders and protects them financially. Without Homeowner’s Insurance you cannot get a mortgage. If you lose your Homeowner’s Insurance, you must scramble to find replacement coverage. In the worst case, a lender can demand full repayment of your loan.
Our nation is experiencing a crisis in Homeowner’s Insurance denials because the profit/loss models of insurance companies are incompatible with an acceleration in damaging weather-related events such as flooding, landslides, windstorms, and wildfires. In response, insurance companies are denying renewal of Homeowner’s Insurance.
The New York Times Daily Podcast covered this here:
Elected officials are scrambling to respond to this crisis in the immediate term. But in the long term, we must address the drivers of this increase in weather weirding-linked property damage.
One major driver is the burning of fossil fuels. We must reduce our overall carbon footprint to slow down (and eventually reverse) the increasing weather-linked damage. We must also adapt to these extreme weather events by building wisely.
The Climate and Sustainability Advisory Committee https://www.sanjuancountywa.gov/1880/Climate-and-Sustainability-Advisory-Comm was formed to help San Juan County achieve a more sustainable future. This committee is seeking your thoughts on Climate and Sustainability.
Please respond to the Climate Survey here: https://engage.sanjuancountywa.gov/climate-action
Your thoughts are so important.
I’m currently looking at property in California. Due to the risks of wild fire, flooding, not to mention earthquakes – the insurance companies are often withdrawing their previous policies for property insurance coverage. There are sometimes alternates, such as the California Plan, which. is more costly. It is a tenuous situation, and some people have selected to go without insurance. Some homes will not qualify for insurance, due to being on a floodplain or in a high fire risk area with lots of (oak) trees. A company might offer insurance one year, and quadruple the cost the next, or simply cancel the policy. Specific coverage is also dependent on what the insurance company offers, and may not actually meet the needs of the property or homeowner. Some people are choosing to have no insurance, or need to simply stay in their homes, knowing the risks. Some cannot sell their home if the potential buyer or purchaser cannot obtain home owner’s insurance.