The wildfires terrorizing Los Angeles this week have been like something out of a movie: vast, fast-moving, unpredictable, merciless. Their scope and nature have surprised even fire-jaded California. They are also evidence of the sort of consequences that can be expected as the planet continues to heat up, consequences for which traditional risk-management tools — like, say, home insurance — are increasingly obsolete. My free column for Bloomberg Opinion #PalisadesFire #ClimateChange #LAFires https://lnkd.in/et5RstBB
Great story
It is amazing how much development there has been in cities totally exposed to climate change. LA, Miami, even Boston where there are probably more climate scientists per capita that any other city, the entire Seaport District is at sea level. State “insurers of last resort” will end up bankrupting municipalities and states.
Attorney at Merlin Law Group, P.A.
6dReally good points here. One thing to keep in mind is that California FAIR Plan has policy limits of $3 million per home. A lot of homes destroyed are worth far more and will cost more than this limit to repair or replace, leaving many homeowners without the chance to actually replace what was lost.