Read this prescient feature from @pollymosendz.bsky.social and @eroston.bsky.social on the pressure climate change puts on insurance and mortgages in turn, published a few weeks ago. www.bloomberg.com/features/202... 🎁 - ThreadSky

nycsouthpaw.bsky.social • 50 days ago

Read this prescient feature from @pollymosendz.bsky.social and @eroston.bsky.social on the pressure climate change puts on insurance and mortgages in turn, published a few weeks ago. https://www.bloomberg.com/features/2024-home-loan-mortgage-insurance-climate-risks/?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTczNjQ2MDAyOSwiZXhwIjoxNzM3MDY0ODI5LCJhcnRpY2xlSWQiOiJTT1kxODJEV1gyUFMwMCIsImJjb25uZWN0SWQiOiJEQ0NGODY3Qzk2ODk0MzJDQjRBMEMwM0FENDNGNTJENyJ9.6r2z_DhIkjYq9wffAgiqRpyPYwWaMPHM5W1Mb0e1xZk 🎁

Comments

wholegrains.bsky.social•50 days ago

Yup. Combine that with the greedy making our rents and housing prices go up with their collusion.

When you pay more for a house, you have to pay more insurance and taxes.

We are getting screwed on every level.

msderohanes.bsky.social•50 days ago

😔

capnborscht.bsky.social•50 days ago

Coincidentally the minimal (best practice) amount of time over which to analyze climate is 30 years

lindavt.bsky.social•50 days ago

If lawmakers don’t face reality STAT the entire property insurance system will collapse under the weight of climate related disasters, and so will millions of Americans. This disaster is at our doorsteps and we’re about to inaugurate a man who seeks only to profit from everyone’s pain.

robininatree.bsky.social•50 days ago

I don’t understand why this hasn’t been thought through especially after Katrina.

priyachand.bsky.social•50 days ago

The Great Displacement is a very good book that includes elements of this, but also a broader look at how global warming has already displaced Americans

dreamingbeetle.bsky.social•50 days ago

I read the article. To me (geo person), it understates the responsibility of local govts. The “forgotten” study from 20 years prior was supposed to inform zoning and planning. The study showed the property was at risk, but the locals allowed building anyway.
Climate change is causing massive

dreamingbeetle.bsky.social•50 days ago

Increases in risk, but the risk is compounded by poor choices in where to develop.

dreamingbeetle.bsky.social•50 days ago

The “forgotten” study https://www.piercecountywa.gov/7199/Channel.... Wanna see how many other homes are built in the flood zone?
https://matterhornwab.co.pierce.wa.us/publicgis/

pnwlark.bsky.social•50 days ago

Link isn’t working , it’s got a 404 error

nycsouthpaw.bsky.social•50 days ago

nycblu.bsky.social•49 days ago

I suppose if a 30-yr loan intends to value the property at +30 years (not now) and the potentials risks of disposal during that time, including inflation predictions, then it only increases the value of proper climate data and modeling, plus highlights the need for more ARMs with resets.

grahamsteele.bsky.social•50 days ago

@pollymosendz.bsky.social @eroston.bsky.social
https://bsky.app/profile/did:plc:vujck3ucc4eiy2ittdtezn6p/post/3lfdr3nox222g

robininatree.bsky.social•50 days ago

I have been saying this for a long time, but far less eloquently.

If the assets has disappeared due to fire and there is no realistic opportunity to rebuild because it may happen again, does the mortgage debt get wiped?

Or do people end up paying for a debt against an asset that doesn’t exist?

planetwaves.bsky.social•49 days ago

I think you know the answer. The people who no longer have the asset, but who owe money on the asset are fucked. But you better believe the insurance companies will be fine.

robininatree.bsky.social•49 days ago

Humanity is so f*cked.

elkmovie.bsky.social•50 days ago

Feeling good about my decision to sell my Large House In The Middle Of A Whole Bunch Of Woods last year, as I expect I would have lost my shirt on it if I'd stayed

beingsass.bsky.social•50 days ago

The Trump administration's answer to this will be to put Rick Scott in charge of overseeing the insurance industry.

cfdb4.bsky.social•50 days ago

A major problem to tackle but so needed.

richardofyork.bsky.social•50 days ago

systemic risk, all the way down.

realworldrj.bsky.social•50 days ago

Its a real crisis https://bsky.app/profile/realworldrj.bsky.social/post/3lez5swkgkc2q

shawnisstilltired.bsky.social•50 days ago

So… we need to let insurance rates actually float with risk

jos1463.bsky.social•50 days ago

“The industries responsible for making sure homes keep selling are not adequately accounting for the rising but often invisible climate risk threatening American homes. That means the soaring costs due after a major weather event will land on individual consumers — and, eventually, the government.”

kgsbca.bsky.social•50 days ago

lenders are going to have to offer insurance along with mortgages.

brparkhill.bsky.social•50 days ago

We’ve only known about climate change for…checks notes…over 50 years. How many billion dollar catastrophes will it take to get anyone’s attention? Maybe our leaders could make it a priority. Just a thought.

flipthegop.bsky.social•50 days ago

.
Well, I didn't know you were on here. Good to see you.

onlineadviser.bsky.social•50 days ago

For years we’ve been baffled here that buyers had no idea that government predicts their houses will be under water before their mortgages are paid off. I have so many stories of buyers in disbelief until after a big flood then they pay attention.

steveprediletto.bsky.social•50 days ago

As a financial advisor I send my clients purchasing real estate hyperlinks to state/county flood and rising sea level maps.

Risk mitigation &
wealth preservation.

planetwaves.bsky.social•49 days ago

Who is going to tell the perspective homeowners? The real estate agents just want to make a sale, the lender just wants to make a sale, And everyone involved in the entire process just wants to make a sale. No one cares about the person buying the home after the deal is made. Or before.

tvnred.bsky.social•50 days ago

I still remember the feeling I had years ago when I realized the scope of what climate change meant for real estate. But people seem to be very good at ignoring reality.

onlineadviser.bsky.social•50 days ago

There are are few people, like me, after the wipe out of our entire communities by rising tides and storms and erosion, redesign the definition of “rebuild” to mean sustainable use of real estate that was formerly used for traditional homes. Amphibious transportation, floating infrastructure , etc.

celticdragon1.bsky.social•50 days ago

Talk to an engineering geologist who specifically deals with riverine erosion before you buy a house next to a river.

ibathewonderdog.bsky.social•50 days ago

Yes … just ask people here in Western North Carolina ….

sarahburris.bsky.social•50 days ago

If insurance companies really cared, they'd be lobbying Republicans to get their shit together.

jklosangeles.bsky.social•50 days ago

My mortgage and insurance is fine because I don't live in a wilderness/urban interface. We have to debate and decide if people should be allowed to live (and rebuild) in fire, flood, heat, etc. zones when climate change is upon us.

planetwaves.bsky.social•49 days ago

Your insurance is *fine* until you try to file a claim.

jklosangeles.bsky.social•49 days ago

Good point.

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