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The Indicator from Planet Money · June 24, 2024 · 10m
Why Home Insurance Is Collapsing in Florida
The Indicator explains the home insurance crisis in Florida: major insurers have left the state, premiums have tripled, and the state-run insurer of last resort now covers 1.4 million policies. The team traces the root cause to climate change, litigation abuse, and moral hazard.
This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.
Canon
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The team argues that decades of artificially cheap insurance allowed Floridians to adapt to coastal living as a baseline — and now that insurance reflects true risk, the adaptation makes the correction feel unbearable.
Highlights
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Florida's insurance crisis is a preview of what happens when climate risk makes entire regions uninsurable
The team explains that as hurricanes become more frequent and severe, private insurers are leaving Florida entirely. The state-run Citizens Property Insurance now holds 1.4 million policies — making Florida's taxpayers the ultimate backstop for climate risk.Was this useful?