view the rest of the comments
News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
Insurance rates are the true Canary of Collapse. If the money men have calculated that certain areas are going to quickly become unlivable, then people should listen.
Of course it's not trivial to just pack up your life and move but it's about to become super necessary, unfortunately.
Yeah but just picking up your life and leaving isn't always a possibility simply because you have so much investment already where you're at. I mean how the hell do you get any of the money that you have invested in the home... it's uninsurable who do you sell it to.?
You're completely right. Many people are about to get totally financially ruined at a minimum. There's going to be a lot of climate refugees from these areas who've lost everything.
Eventually someone is left holding the bag on any house really. Unless the property increases in value past the value of the house, then it can be torn down and a new house built while keeping the price comparable to other nearby homes.
Yes but in this context it about the scope of the situation. You are not talking about just one person left holding the bag. We are talking about entire towns soon maybe states. At what point do we actually step in as a country . you have huge swaths of people that are not going to be capable of financially moving on because they have sunk all of their everything into that ground and you're telling them they have to basically abandon it. That will not go well.
I can't really say what will happen. Neither can anybody really. Maybe the government should step in, maybe they shouldn't. Corporations should be paying it, but obviously, that's not happening either. People have abandoned everything and moved before. People headed here from the 1600's and never stopped, in the 1800's they headed west. Owning property holds a certain amount of risk that people need to accept.
All the poor fuckers who don't have a house aren't going to have the government find them one and hand them to it. Replacing 5% of the single family homes would cost about 2T given that houses aren't worth the same, the unit replacement cost on rich kids houses is going to 2-3x the cost of an average house AND the fancy real estate's propensity to be situated near water in what will be future flood plains the majority of that money will go to those who already have the most advantages.
Conversely if those people aren't absolute morons those properties are absolutely saleable at this point irrespective of it being expensive to purchase insurance. If your property is bound for the bottom in 20 years sell it now while people aren't too cognizant of this issue before your fortunes go down with the ship.
What if those towns just refused to pay mortgages on homes that can't be insured?
Are the banks going to send armed squads to evict a whole town?
The answer is always yes. Petty bullshit knows no bounds.
Do you just not know how this works? The authorities will be doing evictions and yes they will take everything. There is literally a company trying to essentially sell a town right now.
There were at least 2 options $5000–$7000. Sell to someone at a discount with the understanding that buyer is willing and able to bear at least $5000 in annual insurance costs. Do this before its actually uninsurable.
It would be like selling crypto. The "greater fool" theory of seeking things. It's ok to have an asset. But you don't want to be the one holding it when the market tanks.
Property is selling very high in the parish I'm from adjacent to orleans parish. People have forgotten about Katrina and have faith in the levee system. Property is also selling high in New orleans as well unless it's a dog shit area.