The California Climate Politico newsletter writes about the problems in California to find affordable house insurance. Major insurers remain skittish on California after pulling back amid high wildfire losses. Are you seeing this trend in your country?
California insurance woes sunk twice as many home sales this year, realtors say
More and more homebuyers are having to drop out of their purchases because they can’t find affordable insurance, according to a new survey from the California Association of Realtors.
Thirteen percent of realtors surveyed said they had at least one transaction fall out of escrow because of insurance problems in 2024 — double the share in 2023. That comes as major insurers remain skittish on California after pulling back amid high wildfire losses.
Thirty-one percent of realtors surveyed said their most recent client as of mid-year had difficulties obtaining insurance — double, again, the share in 2023. That trend was true across all sub-categories, including downtowns, cities, suburbs, rural areas and vacation or second homes.
Twenty-one percent of these most recent clients ended up buying from California’s insurer of last resort, the FAIR Plan. That’s an alarmingly high share given that FAIR Plan policies made up only about 3 percent of the total market as of 2021, the last time the data was made public. The FAIR Plan is usually more expensive than traditional policies and covers less.
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Energy in Demand - Sustainable Energy - Rod Janssen 
This is a really important trend, thanks for highlighting it again.
Surely property insurance difficulties can finally prove to be the big wake-up call , regarding the need to combat runaway climate change?
It better be a wake-up call because it is going to be an issue in more than California. One can imagine this is now a big concern in Valencia, in Spain, for starters.