Thread by @kegill

"In the face of warnings that climate change was making" storms like Florence "more common" NC created an 'insurer of last resort' and "has written policies for thousands of coastal properties worth tens of billions of dollars." #NoFederalBailOutForNC
propublica.org/article/hurric…

Why did the NC politicians do this?
Because "nationally known insurance companies pulled out of the state’s coastal communities". You know, they assessed the risk and said 'hell no.'

State Farm stopped writing new homeowner policies for houses within a mile of the ocean in 2006. By the end of 2008, Farmers Insurance and Encompass Insurance joined SF.

Hurricane Matthew made landfall in SC two years ago and "caused an estimated $4.8 billion in damage to property, roads, public facilities and agriculture" in NC because of RAIN.

The NC-politician-created Coastal Property Insurance Pool "insures more than three-quarters of all coastal property": 198,039 coastal policies with about $74 billion in potential liability.

"Over the last 12 years, the plan has taken on an additional $20 billion in exposure."

"North Carolina is a prime example of how states are pushing aside the difficult task of dealing with climate change by subsidizing insurance and blunting free-market signals that might discourage building new properties along the coast’s most vulnerable areas." #NoFederalBailOut

“People who live on the coasts oftentimes believe they should not be subjected to premiums that fully reflect their risk... “They believe they should be entitled to some form of subsidy.”

"States all along the coast insure property some private companies wouldn’t touch... In 2011, this exposure peaked at nearly $1 trillion, according to the Insurance Information Institute."

FINE. Let THEIR taxpayers cough up the $ when Mother Nature visits.
#NoFederalBailOut