Would this not most likely still cause the same kind of financial collapse in the housing market that was mentioned as a possibility in the article linked by OP? If it is not possible to get insurance for an event (i.e. wildfire) that is likely(/definitely going) to occur, then I imagine buyers/real-estate developers would be less inclined to pay high prices in those regions.
I know some areas have laws mandating certain minimal coverages. I wonder if the insurers would even be allowed to issue policies that didn’t cover wildfires.
You don’t have to drop the entire area though, you just have to drop forest fires as a claimable item.
Then people can make a decision on if that’s okay for them, or try to find someone else.
Would this not most likely still cause the same kind of financial collapse in the housing market that was mentioned as a possibility in the article linked by OP? If it is not possible to get insurance for an event (i.e. wildfire) that is likely(/definitely going) to occur, then I imagine buyers/real-estate developers would be less inclined to pay high prices in those regions.
I think we’re likely to see a collapse of housing markets in places like CA and FL no matter what.
You just can’t live any place and in such a fashion as shall certainly result in a loss
I’d think so, but just to a lesser extent?
I know some areas have laws mandating certain minimal coverages. I wonder if the insurers would even be allowed to issue policies that didn’t cover wildfires.
If that’s the case, we might see some laws changing in the near future.