[00:00] The other day, a friend who owns a single rental home got their insurance renewal, and the premium jump completely changed the math. What was meant to be a long-term investment now may need to be sold,
[00:12] and this isn't an isolated situation. Across the country, more destructive weather is happening more frequently, and insurers are dealing with more damage, more claims, and more financial risk.
[00:24] Because of a changing climate, that risk keeps piling up. When risk goes up, insurance gets more expensive, or in some places, it becomes harder to get at all. That's why about 95% of Americans have already seen their insurance premiums increase.
[00:41] If a home can't be insured, banks won't issue a mortgage, and that means fewer buyers and potentially lower property values. Renters feel it too, because when landlords face higher insurance costs, that usually means rent increases for the tenants.
[00:56] This is why people are starting to call it the climate insurance collapse. It's already happening and it's affecting everyday people like my friend. And it raises a very important question.
[01:08] As destructive weather keeps getting worse, who should pay for all of this?