Housing

WhoWhatWhy - The current US property insurance situation has serious implications that reach far beyond just homeowners. Home insurance rates around the nation are dramatically increasing and not just from climate related issues. The insurance industry lobby is a $45,173,132 business, employing 749 individuals, 61.28% being former government employees, that has created trojan horse tort reform, tax breaks, political favor, false public narratives and even written legislation...Without some type of federally sponsored insurance programs (e.g. Freddy/Fanny mortgages) this situation could easily lead to a catastrophic economic crash, especially considering the commodification of home mortgages. So it’s not just homeowners who might be in peril.

Financial Times: “It’s no secret that there’s a housing crisis in America. Shelter has accounted for the bulk of core inflation over the past couple of years. But even if you can afford a home, you may not be able to insure it. The cost of homeowner’s insurance in the US rose 23 percent from January 2023 to February 2024, even as coverage in many places is decreasing. In hurricane-prone Louisiana, premiums were up 63 percent. States such as Florida are becoming uninsurable, as providers pull out of the market altogether.”