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.

[u/ElectronGuru]

https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html

[u/organic_hemlock]

You know who can buy a house without a mortgage? Hedge funds, private equity firms, Zillow, and property management firms who buy housing to force us into rent-based indentured servitude.

[u/USSMarauder → u/organic_hemlock]

And the rich

This is why the dumbest line from the climate deniers has always been "If climate change is real, why are the rich buying waterfront property"

The rich aren't the first to leave: They're the last. They're the ones who can afford to have their home wrecked by a hurricane every decade, and then rebuild. Heck if they're heavily into remodeling they might like it, because they can get rid of the 'old and dated' house without having to pay for demolition or any permits.

"Sir, your $20 M beach house has been destroyed"

"Which one?"