Down in Texas on gulf coast area, my friends panic buying a house but the mortgage is impossible unless the house is fully insured until it is paid off, the snag is that of all the insurers they called none would insure houses in this location and the house they are buying is not in flood zone and is not adjacent to any water. Big insurance is just straight abandoning huge areas and letting current policies fall off and not renewing
It’s underappreciated how much of a story this is. This is happening in wide swathes of the USA. Big chunks of the West are abandoned, because of wildfires, earthquakes, etc and all along the Gulf Coast as well, including big chunks of Florida (which tons of people have moved to in recent years).
Down in Texas on gulf coast area, my friends panic buying a house but the mortgage is impossible unless the house is fully insured until it is paid off, the snag is that of all the insurers they called none would insure houses in this location and the house they are buying is not in flood zone and is not adjacent to any water. Big insurance is just straight abandoning huge areas and letting current policies fall off and not renewing
It’s underappreciated how much of a story this is. This is happening in wide swathes of the USA. Big chunks of the West are abandoned, because of wildfires, earthquakes, etc and all along the Gulf Coast as well, including big chunks of Florida (which tons of people have moved to in recent years).