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Californians Face ‘Devastating’ Insurance Hikes

Outlet: Newsweek

California homeowners have seen the cost of their insurance surge in recent months, as several private insurers have stopped offering new policies in the state for fears of more frequent, devastating wildfires.

The difficulty in finding home coverage could have a profound impact on the California housing market too. “If you don’t have an insurance policy, it’s basically impossible to take out a mortgage,” Benjamin Keys, an economist and a professor of real estate and finance at the University of Pennsylvania’s Wharton School, previously told Newsweek.

“And given the important role that financing plays in the housing market, without a functioning insurance market you don’t have a functioning mortgage market, you don’t have a functioning housing market.”

February 5, 2024 | Climate Center, ESG Initiative News, Homepage

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