‘Priced Out of California’ – How Insurance Industry is Responding to Risks Posed by Climate Change

Burning cars are seen after the Dixie Fire passed near the town of Canyondam in August. Photograph: Fred Graves/Reuters

Tony and Jan Dunn never thought they would leave California. They grew up in San Diego, built a life together in the state and planned to retire here.

But after a wildfire ravaged the northern California town of Paradise three years ago, burning down their entire home, they were unable to obtain insurance to purchase another home.

“We’ve basically been priced out of California,” Dunn, a retired planner, told Reuters from the couple’s new home in North Carolina.

“It was sad because we both spent our whole lives in California,” he added.

Thousands of homeowners and businesses from California to Australia are in a similar situation as the insurance industry, known for its willingness to cover anything from Bruce Springsteen’s vocal cords to alien abductions, is having trouble dealing with climate change.

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