The Los Angeles wildfires have brought attention to the weakness of US home insurance in the face of climate change. As scientists warned, we are entering a “new normal” of increasingly extreme weather events, and the cost is being felt through skyrocketing insurance premiums.
In recent years, there has been a growing crisis in insurance, but the scale and scope of the LA wildfires have brought it to new heights. The question now becomes how, where, and what we build in a changing climate.
Climate change is fueling more severe weather across the US. Since the 1980s, the average number of billion-dollar disasters has risen from 3.3 per year to 18.3 per year, with all years adjusted for inflation. This trend highlights the need for reevaluation of our building practices and infrastructure development.
The growing crisis in insurance raises essential questions about who gets to rebuild and what standards will be enforced. As we move forward, it is crucial to consider the implications of climate change on US home insurance and how we can work towards a more sustainable future.
Source: https://www.marketwatch.com/story/who-gets-to-build-los-angeles-fires-expose-the-weakness-of-u-s-home-insurance-0827c93e