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The climate crisis has put the economy and housing prices in check, with the real estate market being one of the most affected, as insurers, especially in the regions most affected by floods and fires, are raising costs or withdrawing completely, which affects the affordability and availability of home insurance.
The home insurance crisis is a reflection of the alarming rise in weather and climate catastrophes in the United States, which have broken records in frequency and costs in the past, experts said during a briefing held by the National Insurance Institute (NII). Ethnic Media Services.
Panelists agreed that the serious and urgent crisis in the home insurance market is not something that only homeowners should be concerned about, as the indirect effect is likely to be felt in the housing and mortgage markets, as well as in local economies.
California Insurance Commissioner Ricardo Lara said the "Golden State" has a home insurance crisis that has never been on such a large scale, and that reform and innovation are needed.
In this regard, he noted that many people cannot find a home for their home because it is located in risk areas or places that are constantly affected, which is why the Sustainable Home Strategy has been implemented, a series of changes that must be implemented to resolve this type of crisis.
?We have been operating with 20th century regulations for 21st century problems, that affects us in every aspect of our lives, our rules were written outside of the situation we are living now.?, Lara commented.
Pizza's Sustainable Strategy, he said, seeks to strengthen the authority of the commissioner and tax authorities, with a comprehensive approach to improving the interest rate process to protect consumers.
For more information on this matter, interested parties can call 1 800 927 4357 or visit the websites: https://www.insurance.ca.gov/ o www.insurance-research.org.
Vickie Kilgore, assistant vice president at The Insurance Research Council, a nonprofit organization that focuses on public policy