Comment by jmclnx
1 day ago
>Like we see in California, when the government sets a price ceiling, insurance companies just leave
Does not answer the question. With no price caps, no one will be able to buy insurance even if required by law. So that means if you own a house in a risky area, you will be unable to sell it and your values will fall. The price caps are to prevent that. But to me, there should be big incentives to prevent building and re-building in risky areas.
So yes, the world in some areas are uninsurable. And other areas are becoming uninsurable.
Why is the burden on insurance companies to make up for individual poor decisions?
In some cases it makes sense to socialise the losses, but I'm not convinced this is one of them.
Insurance Companies do need to make a profit and Local, State and Fed Gov is allowing building in very risky areas. Just look at Florida, that is a very risky area for weather and sea rise.
So in reality the burden is falling on Insurance Companies. High rates will in a way prevent building in those areas.
> High rates will in a way prevent building in those areas.
good?
Tangential but I have read about propaganda and social engineering but seeing human caused fires to control migration patterns is a level of diabolical I never thought I would live to see but can't blame them if the cheap rent and house prices don't do the job gotta do what you gotta do
"With no price caps, no one will be able to buy insurance even if required by law."
Burden of proof?
> With no price caps, no one will be able to buy insurance even if required by law
I very strongly doubt that say Elon Musk or Jeff Bezos wouldn't be able to afford market-rate insurance costs. They would just choose not to because its too expensive. Which is the point of letting the market set the rate