Household Items:1 Liability Growingly Expensive Inaccessible

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Household Items :1 Liability Growingly Expensive Inaccessible

Household ItemsHousehold Synonyms Household Meaning
Household Items Household Synonyms Household Meaning

Household Liability Growingly Expensive or Inaccessible

Due to insurance companies pulling out of some states, it is more difficult than ever for homeowners in disaster-prone areas to obtain an affordable policy.

As the cost of home insurance increases due to increasingly destructive and unpredictable wildfires and other disasters, some home insurance companies are pulling out of the Western United States.

In an interview with former California insurance commissioner Dave Jones, Kylie Mohr of High Country News states, “A study from the nonprofit climate research organization First Street Foundation indicates that 39 million homes nationwide are at risk of losing their insurance due to climate hazards.”

Jones claims that rising insurance costs are primarily caused by climate change. “Until we reduce greenhouse gas emissions and cease using fossil fuels, We’re going to keep moving in the direction of becoming uninsurable due to emissions from other economic sectors,” Jones stated.

According to Jones, “one thing insurers could do as investors would be to transition out of fossil fuels and other high-GHG industries.” Additionally, they could modify their models to take into consideration “landscape-scale forest management” programs that lower the risk of wildfires.

Household Synonyms

Household ItemsHousehold Synonyms Household Meaning
Household Items Household Synonyms Household Meaning

 

According to Mohr, “recently proposed changes to California’s insurance regulations may allow insurance companies to incorporate prescribed burns and safety certifications—two examples of wildfire-preparedness measures—into their pricing models.”

In order to increase the fire resistance of buildings and support retrofitting initiatives, Jones also recommends that states enact strict building codes. Regarding insurance support initiatives such as California’s Fair Access to

“Even though it’s expensive, I would argue strongly against artificially suppressing the rates of the FAIR plan, because then you start sending the wrong signal about the risk in certain areas due to climate change,” states Jones in reference to the Insurance Requirements (FAIR) plan.

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