Even before the recent California wildfires, which as of the time of this writing have destroyed over 12,000 structures including homes, businesses, and public buildings, the insurance world has been plagued by challenges.
Everyone, even Mainers will share in the cost of manor crises like the California fires and the tropical hurricanes because reinsurance which all insurance companies must buy to smooth and protect their own risk is skyrocketing. Insurance isn’t a utility, it is a pooling of funds to help the unfortunate who experience a loss make it through. Those who rebuild in high risk areas must take some responsibility. Companies need not totally cherry pick low risk areas, but they sure need some say in where they will do business.
Everyone, even Mainers will share in the cost of manor crises like the California fires and the tropical hurricanes because reinsurance which all insurance companies must buy to smooth and protect their own risk is skyrocketing. Insurance isn’t a utility, it is a pooling of funds to help the unfortunate who experience a loss make it through. Those who rebuild in high risk areas must take some responsibility. Companies need not totally cherry pick low risk areas, but they sure need some say in where they will do business.
Another good one Ben.
Can't even get coverage, at all (from anyone except Lloyd's of London, for $5000/yr paid in advance) for a vacant rural western Maine farmhouse.
Nobody wants that piece of business!
They're not necessarily wrong. It's a big risk with no local FD, no local PD, and a fair amount of local break-ins, but it's pretty stark.
For now, I hired a local security company (who is absolutely slammed with business), and am adding lots of cameras and sensors.