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Insurers Are Deserting Homeowners as Climate Shocks Worsen
Without insurance, it’s impossible to get a mortgage; without a mortgage, most Americans can’t buy a home.
As a warming planet delivers more wildfires, hurricanes and other threats, America’s once reliably boring home insurance market has become the place where climate shocks collide with everyday life. The jump in nonrenewals now extends along the Gulf Coast, through Alabama and Mississippi; up the Atlantic seaboard, through the Carolinas, Virginia and into southern New England; inland, to parts of the plains and Intermountain West; and even as far as Hawaii. Founded as a mining town in the 1870s, the city of 10,000 nestles up against the foothills of the Gila National Forest, 3.3 million acres of alligator juniper, ponderosa pine and Gambel oak draped across softly sloping mountains.
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