Especially places like Florida, Louisiana and Texas that continue to lose to hurricanes and continue to get bailed out despite being rebuilt in high risk neighborhoods.
Climate change denialism is expensive.
Climate change denialism is expensive.
You can’t get loans if you don’t have insurance.
Yet what does every single new home in Florida have? A composite shingle roof, no built-in 100mph+ storm shutters, etc. No requirement for built-in backup power.
This is one instance where insurance should be free to properly price risk. Make classifications of storm resistance and price each home based on what standard it meets.
Frankly California has the same problem with earthquake insurance even though it's all sold by the state created (but supposedly not backed) authority. The rates mostly don't reflect any earthquake-proofing nor what standard the home was built to. If you retrofit a 1930s home to the best modern standard you still pay the same rate as your neighbor who did not.
And once one shingle pops loose suddenly it's much easier for the wind to get under the other shingles near by and the failure can cascade like dominoes in a hurricane situation. Going from a simple repair to replacement of a section or to a whole roof replacement.
Also an other aspect is double checking the shingles are properly placed otherwise the seal strip won't adhere in the correct spot on the shingle below making it easier for the adhesive to come loose and again same problem.
The thing is if you have seen how fast most roofing companies put a roof on a house do you think they are going to do this right?
Also sadly if the roof fails during a hurricane it just means more work for them in the future which means more money paid by insurance. So their incentives are not there. Like there are some roofing companies that will go door to door after a major storm looking for houses basically that have storm damage and get the homeowner to file claim. Looking for things like an out of production shingle so instead of a repair insurance has to buy a whole new roof since replacement shingles don't exist. It's really scummy. The sad thing is this scummy behavior had lead to insurance companies way more likely to deny claims that are valid. I remember seeing a video of roofer with an insurance adjuster acting like what the roofer said was not true or not comment or document it. It was kinda insane and sad at the same time.
Last note: Although shingles without a hurricane rating in my opinion should not be installed in places like Florida.
A bad policy, to be sure, but that doesn’t mean the homes are inherently uninsurable.
This is similar to introducing arcane metrics like for example “federal dependency” (https://sipanews.fiu.edu/2021/03/24/2021s-most-least-federal...) with nonobvious methodology, and then pretending that the states that are high in “federal dependency” ranking are actually more meaningfully “dependent” on federal government, which doesn’t actually pass muster if you look at the methodology (for example, according to their methodology, a state that collects $1k in taxes per capita, and gets $4k from federal government, while spending $5k per capita, is more dependent on federal government than a state that collects $10k in taxes, gets $10k from feds and spends $20k, which is absurd).
Basically, there is a lot of attempts at hoodwinking audience by giving impression that there is some deep quantitative analysis behind the claims, when in fact it’s all just partisan shenanigans.
These methodologies always seem to count a retiree drawing social security in Florida as federal dependency, but don’t count the northern Virginia employees of a DC lobbying firm as federal dependency.
You mean "NY, NJ, CT, and MA". They are the states that provide the vast majority of the surplus in federal taxes paid by its people versus expenditures to them and their states.[1] Four other states also have substantial surpluses, of which two voted for Clinton and Biden, and two voted for Trump both times. Every other state either breaks even (CA among them) or receives more than their people pay in taxes. Of the ten states that get back the most, five and a half (of Maine) voted for Clinton/Biden and four and a half voted for Trump/Trump. Source: Rockefeller Institute's annual studies on the subject.
[1] Yes, they are all Democratic states today, but this was exactly the same a century ago, when MA and CT were solidly Republican and NJ and NY were swing states.
Risk is the currency of insurance.
current data don't seem to be available, but pre-pandemic, texas had a housing shortage of over 300k units, the shortage having nearly tripled in less than a decade. that's likely to be worse now. it sure feels worse
a good many of the people immigrating from coastal cities are in a group privileged to remote into coastal jobs. experience corroborates that as well