I'm glad that this type of coverage is becoming, at least temporarily, more prevalent. All of this was foreseeable. But developers and the counties that benefit from the property taxes only saw the money, not the risk. We're over-developed, and it's probably uninsurable at this point.

Our premiums are still affordable, for us. We're nowhere near that $11K "average." If it ever does get that high, I think Mitzi would be more amenable to leaving. I don't know what's going to happen, but we're going to find out over the next 12 months, as insurance companies pull out of the market, go under, raise premiums and fight the state and policy-holders. This is a slow-moving catastrophe.

One thing the report doesn't mention is that many people can't afford to leave. They're tied to jobs, mortgages, and schools. They won't be able to sell their homes because they'll be uninsurable, so that keeps them stuck here.

This is a "cascading climate catastrophe," which I used to tweet about often when I was on Twitter. Where one domino tips over hundreds more.

What's going to happen to the housing market in Florida when mortgage companies won't lend because insurance is unavailable or unaffordable? What happens to home prices? What happens to that "wealth"?

It was all utterly predictable.

Originally posted at Nice Marmot 08:12 Monday, 14 October 2024