1 00:00:00,000 --> 00:00:02,960 Hey everybody and welcome back to Meteorology Matters. 2 00:00:02,960 --> 00:00:03,800 Glad to be back. 3 00:00:03,800 --> 00:00:07,020 You know, we're tackling homeowners insurance today. 4 00:00:07,020 --> 00:00:09,520 Yeah, it's been all over the news lately 5 00:00:09,520 --> 00:00:10,840 and for good reason. 6 00:00:10,840 --> 00:00:13,160 It's a really big deal for a lot of people. 7 00:00:13,160 --> 00:00:16,360 Absolutely, and you know, from coast to coast, 8 00:00:16,360 --> 00:00:18,920 it feels like premiums are skyrocketing. 9 00:00:18,920 --> 00:00:19,760 Yeah. 10 00:00:19,760 --> 00:00:22,280 And insurers are pulling out of markets 11 00:00:22,280 --> 00:00:23,920 and a lot of folks are wondering like, 12 00:00:23,920 --> 00:00:25,480 what is going on? 13 00:00:25,480 --> 00:00:27,880 It's a really complicated situation. 14 00:00:27,880 --> 00:00:28,720 Yeah. 15 00:00:28,720 --> 00:00:30,440 And people are stressful too. 16 00:00:30,440 --> 00:00:31,280 Absolutely. 17 00:00:31,280 --> 00:00:33,120 And whether you're buying your first home 18 00:00:33,120 --> 00:00:33,960 Yeah. 19 00:00:33,960 --> 00:00:35,600 Or you've been in yours for years 20 00:00:35,600 --> 00:00:38,880 or maybe you're just curious about, you know, 21 00:00:38,880 --> 00:00:41,400 the forces that are shaping our world. 22 00:00:41,400 --> 00:00:42,720 I mean, this is definitely something 23 00:00:42,720 --> 00:00:43,920 that you should understand. 24 00:00:43,920 --> 00:00:44,760 It really is. 25 00:00:44,760 --> 00:00:47,480 We've all seen the images of those devastating wildfires 26 00:00:47,480 --> 00:00:48,480 in Los Angeles. 27 00:00:48,480 --> 00:00:49,320 Right. 28 00:00:49,320 --> 00:00:51,520 And the aftermath of Hurricane Milton in Florida. 29 00:00:51,520 --> 00:00:53,960 Yeah, and you know, those are just two examples. 30 00:00:53,960 --> 00:00:54,800 Right. 31 00:00:54,800 --> 00:00:56,440 But they really highlight this insurance issue 32 00:00:56,440 --> 00:00:57,680 and bring it to the forefront. 33 00:00:57,680 --> 00:00:58,520 Absolutely. 34 00:00:58,520 --> 00:01:01,120 And you know, those events aren't just local tragedies. 35 00:01:01,120 --> 00:01:02,320 They're highlighting a trend 36 00:01:02,320 --> 00:01:03,600 that's been building for a while. 37 00:01:03,600 --> 00:01:04,440 That's right. 38 00:01:04,440 --> 00:01:05,880 Climate change is a major factor. 39 00:01:05,880 --> 00:01:06,720 Yeah. 40 00:01:06,720 --> 00:01:08,160 Driving this whole crisis. 41 00:01:08,160 --> 00:01:11,440 We're seeing more frequent and intense weather events. 42 00:01:11,440 --> 00:01:12,280 That's right. 43 00:01:12,280 --> 00:01:13,520 Which of course means more damage. 44 00:01:13,520 --> 00:01:14,360 Yeah. 45 00:01:14,360 --> 00:01:16,920 More claims for insurance companies to pay out. 46 00:01:16,920 --> 00:01:18,800 Exactly, more payouts. 47 00:01:18,800 --> 00:01:19,640 Yeah. 48 00:01:19,640 --> 00:01:21,520 And it's not just the number of events, is it? 49 00:01:21,520 --> 00:01:22,360 No. 50 00:01:22,360 --> 00:01:24,080 I mean, the cost of rebuilding after a disaster 51 00:01:24,080 --> 00:01:25,160 has gone way up. 52 00:01:25,160 --> 00:01:26,000 That's right. 53 00:01:26,000 --> 00:01:27,480 I mean, lumber these days, oh my gosh. 54 00:01:27,480 --> 00:01:29,200 It's really impacting everything. 55 00:01:29,200 --> 00:01:30,040 It is. 56 00:01:30,040 --> 00:01:32,440 So inflation is playing a huge role here too. 57 00:01:32,440 --> 00:01:33,280 Absolutely. 58 00:01:33,280 --> 00:01:34,800 Building materials are more expensive. 59 00:01:34,800 --> 00:01:36,840 Labor costs are more expensive. 60 00:01:36,840 --> 00:01:39,560 All of that translates into higher rebuilding costs. 61 00:01:39,560 --> 00:01:40,400 Yes. 62 00:01:40,400 --> 00:01:42,400 Even seemingly minor damage 63 00:01:42,400 --> 00:01:45,240 can end up being a really hefty insurance payout. 64 00:01:45,240 --> 00:01:46,280 Oh, for sure. 65 00:01:46,280 --> 00:01:49,760 So we've got climate change, fueling more disasters. 66 00:01:49,760 --> 00:01:50,600 Yeah. 67 00:01:50,600 --> 00:01:53,160 We've got inflation making it more expensive to recover. 68 00:01:54,280 --> 00:01:56,640 What else is contributing to this perfect storm 69 00:01:56,640 --> 00:01:57,680 in the insurance market? 70 00:01:57,680 --> 00:01:59,680 Well, insurance companies are having a really hard time 71 00:01:59,680 --> 00:02:01,240 predicting risk. 72 00:02:01,240 --> 00:02:04,600 No climate change is changing the historical weather patterns. 73 00:02:04,600 --> 00:02:09,200 So these models that they use to assess the likelihood 74 00:02:09,200 --> 00:02:12,640 of a wildfire or a hurricane, they're not as reliable 75 00:02:12,640 --> 00:02:13,560 as they used to be. 76 00:02:13,560 --> 00:02:15,800 So they're having to adjust their calculations. 77 00:02:15,800 --> 00:02:16,640 Yes. 78 00:02:16,640 --> 00:02:19,360 And account for more uncertainty. 79 00:02:19,360 --> 00:02:22,320 And that probably means higher premiums for all of us, right? 80 00:02:22,320 --> 00:02:23,280 Exactly. 81 00:02:23,280 --> 00:02:25,800 It translates into higher premiums for homeowners 82 00:02:25,800 --> 00:02:28,880 and that uncertainty is hitting them hard financially. 83 00:02:28,880 --> 00:02:29,720 Okay. 84 00:02:29,720 --> 00:02:33,520 In 2023, homeowner insurance payouts actually exceeded 85 00:02:33,520 --> 00:02:35,200 the premiums they collected. 86 00:02:35,200 --> 00:02:36,040 Wow. 87 00:02:36,040 --> 00:02:38,880 By $15.2 billion. 88 00:02:38,880 --> 00:02:39,720 That's a lot. 89 00:02:39,720 --> 00:02:41,920 It's the worst result this century. 90 00:02:41,920 --> 00:02:42,760 Wow. 91 00:02:42,760 --> 00:02:44,720 And it really shows the financial pressure 92 00:02:44,720 --> 00:02:45,560 that they're under. 93 00:02:45,560 --> 00:02:47,800 So that's a massive deficit for them. 94 00:02:47,800 --> 00:02:48,640 It is. 95 00:02:48,640 --> 00:02:50,080 I mean, they can't just keep absorbing those losses, 96 00:02:50,080 --> 00:02:50,920 can they? 97 00:02:50,920 --> 00:02:51,760 No, they can't. 98 00:02:51,760 --> 00:02:54,440 And on top of that, the cost of reinsurance. 99 00:02:54,440 --> 00:02:55,280 Reinsurance. 100 00:02:55,280 --> 00:02:57,640 So, actually, insurance for insurance companies, 101 00:02:57,640 --> 00:03:01,080 that has gone up over 40% in the past three years. 102 00:03:01,080 --> 00:03:01,920 Wow. 103 00:03:01,920 --> 00:03:03,560 So they're paying more to protect themselves. 104 00:03:03,560 --> 00:03:06,880 And those costs get passed down to homeowners. 105 00:03:06,880 --> 00:03:08,080 Like a domino effect. 106 00:03:08,080 --> 00:03:08,920 It is. 107 00:03:08,920 --> 00:03:10,120 All these factors converging 108 00:03:10,120 --> 00:03:12,520 and homeowners are the ones feeling the squeeze. 109 00:03:12,520 --> 00:03:13,640 Right. 110 00:03:13,640 --> 00:03:15,760 We're hearing stories about people facing 111 00:03:15,760 --> 00:03:18,000 huge premium increases. 112 00:03:18,000 --> 00:03:18,840 Yeah. 113 00:03:18,840 --> 00:03:20,200 Getting dropped by their insurers, 114 00:03:20,200 --> 00:03:22,120 having trouble even finding new coverage. 115 00:03:22,120 --> 00:03:22,960 That's right. 116 00:03:22,960 --> 00:03:24,120 And the numbers back it up. 117 00:03:24,120 --> 00:03:24,960 Yeah. 118 00:03:24,960 --> 00:03:27,120 And there are some cool notices where insurance companies 119 00:03:27,120 --> 00:03:29,520 decide not to renew existing policies. 120 00:03:29,520 --> 00:03:30,360 Right. 121 00:03:30,360 --> 00:03:34,120 Surged almost 30% from 2018 to 2022. 122 00:03:34,120 --> 00:03:34,560 Wow. 123 00:03:34,560 --> 00:03:35,280 That's a lot. 124 00:03:35,280 --> 00:03:37,200 It's a trend that's impacting homeowners 125 00:03:37,200 --> 00:03:38,400 all over the country. 126 00:03:38,400 --> 00:03:38,720 Yeah. 127 00:03:38,720 --> 00:03:40,720 And speaking of trends, it seems like California 128 00:03:40,720 --> 00:03:43,000 has become a focal point of this crisis. 129 00:03:43,000 --> 00:03:43,280 Yeah. 130 00:03:43,280 --> 00:03:45,000 Especially with those recent wildfires. 131 00:03:45,000 --> 00:03:45,560 Mm-hmm. 132 00:03:45,560 --> 00:03:46,960 What's the situation there? 133 00:03:46,960 --> 00:03:48,400 Well, California is a prime example 134 00:03:48,400 --> 00:03:51,200 of how climate change and the insurance market are clashing. 135 00:03:51,200 --> 00:03:51,600 Right. 136 00:03:51,600 --> 00:03:53,520 It's been hit really hard by wildfires. 137 00:03:53,520 --> 00:03:54,000 Yeah. 138 00:03:54,000 --> 00:03:55,680 And insurers are taking notice. 139 00:03:55,680 --> 00:03:56,200 Yeah. 140 00:03:56,200 --> 00:03:58,680 You know, big names like State Farm and Allstate 141 00:03:58,680 --> 00:04:01,720 have stopped selling new homeowner policies in the state. 142 00:04:01,720 --> 00:04:04,800 And they're dropping thousands of existing policies 143 00:04:04,800 --> 00:04:06,760 in these high risk fire zones. 144 00:04:06,760 --> 00:04:09,040 I can't imagine the feeling of being told. 145 00:04:09,040 --> 00:04:09,560 Yeah. 146 00:04:09,560 --> 00:04:11,680 You know, your insurance won't be renewed. 147 00:04:11,680 --> 00:04:12,360 Right. 148 00:04:12,360 --> 00:04:15,560 Especially in a place where wildfire risk is so real. 149 00:04:15,560 --> 00:04:18,400 It's a devastating situation for a lot of homeowners. 150 00:04:18,400 --> 00:04:19,080 It is. 151 00:04:19,080 --> 00:04:20,720 And it sparked public outrage. 152 00:04:20,720 --> 00:04:21,200 Yeah. 153 00:04:21,200 --> 00:04:24,680 Especially after filmmaker Tyler Perry called out 154 00:04:24,680 --> 00:04:26,520 insurance companies on social media. 155 00:04:26,520 --> 00:04:27,120 I saw that. 156 00:04:27,120 --> 00:04:30,080 For abandoning residents in fire prone areas. 157 00:04:30,080 --> 00:04:30,520 Yeah. 158 00:04:30,520 --> 00:04:32,880 And his post went viral and really put 159 00:04:32,880 --> 00:04:34,560 a spotlight on this whole issue. 160 00:04:34,560 --> 00:04:34,960 Yeah. 161 00:04:34,960 --> 00:04:36,520 It's understandable that people are angry. 162 00:04:36,520 --> 00:04:37,000 Yeah. 163 00:04:37,000 --> 00:04:38,600 They've been paying premiums for years. 164 00:04:38,600 --> 00:04:39,240 Right. 165 00:04:39,240 --> 00:04:40,760 And now they're being told you're on your own. 166 00:04:40,760 --> 00:04:41,280 Exactly. 167 00:04:41,280 --> 00:04:44,440 And a lot of these homeowners are being forced into the state 168 00:04:44,440 --> 00:04:45,720 backed fair plan. 169 00:04:45,720 --> 00:04:46,220 Right. 170 00:04:46,220 --> 00:04:47,680 The insurer of last resort. 171 00:04:47,680 --> 00:04:48,600 Right. 172 00:04:48,600 --> 00:04:50,680 But that's not always a great option, is it? 173 00:04:50,680 --> 00:04:51,280 No. 174 00:04:51,280 --> 00:04:52,440 It's not ideal. 175 00:04:52,440 --> 00:04:53,760 It's often more expensive. 176 00:04:53,760 --> 00:04:54,360 Right. 177 00:04:54,360 --> 00:04:57,000 Offers less coverage than traditional insurance. 178 00:04:57,000 --> 00:04:57,480 Right. 179 00:04:57,480 --> 00:04:59,000 It's meant to be a safety net. 180 00:04:59,000 --> 00:04:59,200 Right. 181 00:04:59,200 --> 00:05:01,000 But it's not a long term solution. 182 00:05:01,000 --> 00:05:03,600 So California homeowners are in a real bind. 183 00:05:03,600 --> 00:05:04,280 They are. 184 00:05:04,280 --> 00:05:06,320 They're either facing sky high premiums 185 00:05:06,320 --> 00:05:08,200 from private insurers. 186 00:05:08,200 --> 00:05:11,880 Or very limited coverage from the state backed plan. 187 00:05:11,880 --> 00:05:12,440 Yeah. 188 00:05:12,440 --> 00:05:14,480 That's a pretty accurate assessment. 189 00:05:14,480 --> 00:05:16,760 But it's not just wildfires that are causing problems. 190 00:05:16,760 --> 00:05:17,320 Right. 191 00:05:17,320 --> 00:05:19,320 Let's shift gears and talk about Florida. 192 00:05:19,320 --> 00:05:19,720 OK. 193 00:05:19,720 --> 00:05:23,160 A state that knows a thing or two about natural disasters, 194 00:05:23,160 --> 00:05:24,960 particularly hurricanes. 195 00:05:24,960 --> 00:05:25,880 Absolutely. 196 00:05:25,880 --> 00:05:28,800 Florida has been grappling with its own set 197 00:05:28,800 --> 00:05:30,040 of insurance challenges. 198 00:05:30,040 --> 00:05:30,640 Yeah. 199 00:05:30,640 --> 00:05:32,280 Especially after Hurricane Milton. 200 00:05:32,280 --> 00:05:33,640 What's the latest there? 201 00:05:33,640 --> 00:05:35,800 Hurricane Milton really threw a wrench 202 00:05:35,800 --> 00:05:37,720 into the Florida insurance market. 203 00:05:37,720 --> 00:05:38,200 OK. 204 00:05:38,200 --> 00:05:42,200 We saw nationwide a major insurer cancelling policies, 205 00:05:42,200 --> 00:05:43,760 particularly in Glades County. 206 00:05:43,760 --> 00:05:44,320 OK. 207 00:05:44,320 --> 00:05:46,840 That county actually had the highest non-renewal rate 208 00:05:46,840 --> 00:05:48,960 in the country in 2023. 209 00:05:48,960 --> 00:05:50,680 Wait higher than California. 210 00:05:50,680 --> 00:05:51,120 Yeah. 211 00:05:51,120 --> 00:05:51,960 I wouldn't have guessed that. 212 00:05:51,960 --> 00:05:52,960 It's surprising. 213 00:05:52,960 --> 00:05:53,400 It is. 214 00:05:53,400 --> 00:05:56,200 This just goes to show that this crisis is unfolding 215 00:05:56,200 --> 00:05:57,920 differently across the country. 216 00:05:57,920 --> 00:05:58,240 Right. 217 00:05:58,240 --> 00:05:59,840 But the core issues are similar. 218 00:05:59,840 --> 00:06:04,480 Florida's non-renewal rate was almost 3% in 2023. 219 00:06:04,480 --> 00:06:06,880 Even higher than California's 1.8%. 220 00:06:06,880 --> 00:06:10,080 So is the situation in Florida similar to California? 221 00:06:10,080 --> 00:06:11,000 Mm-hmm. 222 00:06:11,000 --> 00:06:12,920 With insurers pulling out and homeowners 223 00:06:12,920 --> 00:06:14,920 struggling to find coverage? 224 00:06:14,920 --> 00:06:16,520 There are some similarities. 225 00:06:16,520 --> 00:06:16,920 OK. 226 00:06:16,920 --> 00:06:20,120 But Florida's situation is unique in some ways. 227 00:06:20,120 --> 00:06:20,520 OK. 228 00:06:20,520 --> 00:06:22,280 For example, the regulations in Florida 229 00:06:22,280 --> 00:06:24,120 are different from those in California. 230 00:06:24,120 --> 00:06:24,560 OK. 231 00:06:24,560 --> 00:06:26,360 And that's affecting homeowners' options. 232 00:06:26,360 --> 00:06:28,560 Can you elaborate on those regulatory differences? 233 00:06:28,560 --> 00:06:29,200 Sure. 234 00:06:29,200 --> 00:06:30,440 What makes Florida stand out? 235 00:06:30,440 --> 00:06:33,640 Well, one key difference is Florida's three-year rule. 236 00:06:33,640 --> 00:06:34,360 OK. 237 00:06:34,360 --> 00:06:37,120 This rule prevented insurers from dropping policies 238 00:06:37,120 --> 00:06:39,520 that have been in effect for at least three years. 239 00:06:39,520 --> 00:06:40,000 OK. 240 00:06:40,000 --> 00:06:42,320 However, there's been a push to change this rule. 241 00:06:42,320 --> 00:06:42,800 OK. 242 00:06:42,800 --> 00:06:45,760 Some argue that it discourages new insurance companies 243 00:06:45,760 --> 00:06:47,440 from entering the Florida market. 244 00:06:47,440 --> 00:06:49,720 So they're considering loosening regulations. 245 00:06:49,720 --> 00:06:50,240 Yeah. 246 00:06:50,240 --> 00:06:51,480 To attract more insurers. 247 00:06:51,480 --> 00:06:52,080 Mm-hmm. 248 00:06:52,080 --> 00:06:54,360 But wouldn't that potentially leave homeowners 249 00:06:54,360 --> 00:06:57,800 more vulnerable to being dropped? 250 00:06:57,800 --> 00:07:00,880 That's a valid concern, and it's a hot topic in Florida 251 00:07:00,880 --> 00:07:01,520 right now. 252 00:07:01,520 --> 00:07:02,920 The State Department of Insurance 253 00:07:02,920 --> 00:07:05,640 is even holding public hearings to get feedback. 254 00:07:05,640 --> 00:07:06,000 OK. 255 00:07:06,000 --> 00:07:07,440 On these proposed changes. 256 00:07:07,440 --> 00:07:07,960 Yeah. 257 00:07:07,960 --> 00:07:09,440 These changes could allow companies 258 00:07:09,440 --> 00:07:12,440 to drop up to 5% of their policy holders. 259 00:07:12,440 --> 00:07:13,120 Wow. 260 00:07:13,120 --> 00:07:15,080 And even more in some cases. 261 00:07:15,080 --> 00:07:16,920 So it sounds like a delicate balancing act. 262 00:07:16,920 --> 00:07:17,400 It is. 263 00:07:17,400 --> 00:07:19,280 Trying to stabilize the insurance market. 264 00:07:19,280 --> 00:07:19,680 Yeah. 265 00:07:19,680 --> 00:07:21,720 But also making sure that homeowners are protected. 266 00:07:21,720 --> 00:07:22,480 Exactly. 267 00:07:22,480 --> 00:07:25,120 It's a complex issue with no easy answers. 268 00:07:25,120 --> 00:07:27,880 We focused a lot on California and Florida. 269 00:07:27,880 --> 00:07:28,280 Mm-hmm. 270 00:07:28,280 --> 00:07:30,200 But this isn't just a coastal problem. 271 00:07:30,200 --> 00:07:31,160 No, it's not. 272 00:07:31,160 --> 00:07:34,000 This insurance crisis is a nationwide issue. 273 00:07:34,000 --> 00:07:35,160 You're right, it is. 274 00:07:35,160 --> 00:07:38,040 While coastal areas are feeling the most pressure. 275 00:07:38,040 --> 00:07:38,840 Yeah. 276 00:07:38,840 --> 00:07:41,880 Inland states are also experiencing these rising costs 277 00:07:41,880 --> 00:07:42,720 and non-renewals. 278 00:07:42,720 --> 00:07:43,840 That's right. 279 00:07:43,840 --> 00:07:46,680 So what are some examples of where we're seeing these trends? 280 00:07:46,680 --> 00:07:48,280 We'll take Oklahoma, for instance. 281 00:07:48,280 --> 00:07:48,760 OK. 282 00:07:48,760 --> 00:07:50,560 You know, it's known for tornadoes. 283 00:07:50,560 --> 00:07:50,920 Right. 284 00:07:50,920 --> 00:07:53,680 Homeowners there are facing significant challenges. 285 00:07:53,680 --> 00:07:54,240 OK. 286 00:07:54,240 --> 00:07:56,520 Especially those who've had wind and hail damage. 287 00:07:56,520 --> 00:07:57,480 Yeah, that makes sense. 288 00:07:57,480 --> 00:07:59,520 And parts of the South are seeing problems 289 00:07:59,520 --> 00:08:01,400 related to severe storms. 290 00:08:01,400 --> 00:08:04,000 So no matter where you live, you're probably 291 00:08:04,000 --> 00:08:06,920 feeling the ripples of this insurance crisis. 292 00:08:06,920 --> 00:08:08,960 Unfortunately, that's the reality for many. 293 00:08:08,960 --> 00:08:10,400 And what's frustrating is we don't even 294 00:08:10,400 --> 00:08:12,800 have a complete picture of the national scope 295 00:08:12,800 --> 00:08:14,480 of this problem. 296 00:08:14,480 --> 00:08:14,920 Really? 297 00:08:14,920 --> 00:08:15,480 Why is that? 298 00:08:15,480 --> 00:08:16,680 Are we missing data? 299 00:08:16,680 --> 00:08:18,720 Yeah, there are data gaps. 300 00:08:18,720 --> 00:08:20,520 A recent article in The New York Times 301 00:08:20,520 --> 00:08:22,720 pointed out that seven states didn't fully 302 00:08:22,720 --> 00:08:25,880 participate in the Treasury Department's data collection. 303 00:08:25,880 --> 00:08:26,440 Wow. 304 00:08:26,440 --> 00:08:28,960 So we're missing crucial pieces of the puzzle. 305 00:08:28,960 --> 00:08:30,480 So which states are we talking about? 306 00:08:30,480 --> 00:08:33,400 Florida, Alabama, Louisiana, Georgia, 307 00:08:33,400 --> 00:08:37,400 Indiana, Montana, and North Dakota. 308 00:08:37,400 --> 00:08:41,440 Local insurance companies in those states didn't provide data. 309 00:08:41,440 --> 00:08:43,880 So we don't have a full understanding of the situation 310 00:08:43,880 --> 00:08:44,760 on the ground there. 311 00:08:44,760 --> 00:08:47,720 So we're dealing with a crisis that's complex, 312 00:08:47,720 --> 00:08:50,520 it's widespread, and even a bit mysterious, 313 00:08:50,520 --> 00:08:52,680 because we're missing some of this information. 314 00:08:52,680 --> 00:08:53,440 That's right. 315 00:08:53,440 --> 00:08:54,000 It's a lot. 316 00:08:54,000 --> 00:08:55,200 It can feel overwhelming. 317 00:08:55,200 --> 00:08:55,680 It can. 318 00:08:55,680 --> 00:08:56,800 And that's why we're here. 319 00:08:56,800 --> 00:08:57,280 That's right. 320 00:08:57,280 --> 00:08:59,600 To unpack this issue and provide some clarity. 321 00:08:59,600 --> 00:09:02,200 And speaking of clarity, let's give our listeners 322 00:09:02,200 --> 00:09:04,720 a way to connect with us for even more insights. 323 00:09:04,720 --> 00:09:05,600 Absolutely. 324 00:09:05,600 --> 00:09:06,640 Where can they find you? 325 00:09:06,640 --> 00:09:09,920 You can follow meteorologist Rob Jones on Instagram 326 00:09:09,920 --> 00:09:15,000 at at meteorologist, on TikTok at TV meteorologist, 327 00:09:15,000 --> 00:09:17,320 and on YouTube, follow at Rob Jones' Hurricane. 328 00:09:17,320 --> 00:09:18,120 Perfect. 329 00:09:18,120 --> 00:09:19,960 And you can also find meteorology matters 330 00:09:19,960 --> 00:09:21,160 in the podcast playlist. 331 00:09:21,160 --> 00:09:21,440 All right. 332 00:09:21,440 --> 00:09:22,880 We'll be back after a short break 333 00:09:22,880 --> 00:09:25,880 to discuss what homeowners can do to navigate this challenging 334 00:09:25,880 --> 00:09:26,920 insurance landscape. 335 00:09:26,920 --> 00:09:27,560 Sounds good. 336 00:09:27,560 --> 00:09:28,720 Stay with us. 337 00:09:28,720 --> 00:09:30,640 Welcome back to meteorology matters. 338 00:09:30,640 --> 00:09:34,480 So before we went to break, we were painting kind of a stark 339 00:09:34,480 --> 00:09:35,120 picture. 340 00:09:35,120 --> 00:09:35,560 We were. 341 00:09:35,560 --> 00:09:37,200 Of this homeowners insurance crisis. 342 00:09:37,200 --> 00:09:38,000 Yeah. 343 00:09:38,000 --> 00:09:39,000 It's a lot to take in. 344 00:09:39,000 --> 00:09:39,880 It is. 345 00:09:39,880 --> 00:09:41,480 But you know, knowledge is power. 346 00:09:41,480 --> 00:09:42,200 That's right. 347 00:09:42,200 --> 00:09:45,560 So let's shift gears a little bit and talk about what homeowners 348 00:09:45,560 --> 00:09:49,800 can actually do to protect themselves in this crazy market. 349 00:09:49,800 --> 00:09:51,120 That's a great point. 350 00:09:51,120 --> 00:09:53,040 It can feel overwhelming. 351 00:09:53,040 --> 00:09:55,320 But there are definitely steps that you can take 352 00:09:55,320 --> 00:09:57,400 to navigate this situation and make sure you've 353 00:09:57,400 --> 00:09:58,800 got the coverage you need. 354 00:09:58,800 --> 00:10:00,640 OK, that's reassuring. 355 00:10:00,640 --> 00:10:02,800 So where do we even begin? 356 00:10:02,800 --> 00:10:04,840 What's the first piece of advice you 357 00:10:04,840 --> 00:10:08,880 would give to a homeowner who's like, I don't even 358 00:10:08,880 --> 00:10:09,680 know what to do. 359 00:10:09,680 --> 00:10:12,120 Yeah, don't just accept the first insurance quote you get. 360 00:10:12,120 --> 00:10:13,000 OK. 361 00:10:13,000 --> 00:10:16,800 Shop around, get quotes from multiple insurers. 362 00:10:16,800 --> 00:10:18,400 Compare the rates. 363 00:10:18,400 --> 00:10:21,040 Look closely at what's covered, what's not. 364 00:10:21,040 --> 00:10:23,360 You might be surprised by the variation out there. 365 00:10:23,360 --> 00:10:27,000 Yeah, that's good advice for any major purchase, really. 366 00:10:27,000 --> 00:10:27,680 It is. 367 00:10:27,680 --> 00:10:30,480 Do your research explore your options? 368 00:10:30,480 --> 00:10:31,040 Exactly. 369 00:10:31,040 --> 00:10:34,080 And another thing to consider is your deductible. 370 00:10:34,080 --> 00:10:34,840 OK. 371 00:10:34,840 --> 00:10:35,680 The deductible. 372 00:10:35,680 --> 00:10:37,200 Yeah, increasing your deductible, 373 00:10:37,200 --> 00:10:38,760 that's the amount you pay out of pocket. 374 00:10:38,760 --> 00:10:40,080 Before insurance kicks in. 375 00:10:40,080 --> 00:10:40,560 Right. 376 00:10:40,560 --> 00:10:41,960 Can often lower your premium. 377 00:10:41,960 --> 00:10:44,400 So you're taking on a little bit more risk yourself. 378 00:10:44,400 --> 00:10:44,800 You are. 379 00:10:44,800 --> 00:10:47,520 In exchange for those lower monthly payments. 380 00:10:47,520 --> 00:10:48,080 That's right. 381 00:10:48,080 --> 00:10:50,000 But it's important to be realistic here. 382 00:10:50,000 --> 00:10:50,440 OK. 383 00:10:50,440 --> 00:10:52,800 Make sure that you can comfortably afford 384 00:10:52,800 --> 00:10:54,200 that higher deductible. 385 00:10:54,200 --> 00:10:54,600 Right. 386 00:10:54,600 --> 00:10:56,480 If you actually need to file a claim. 387 00:10:56,480 --> 00:10:57,920 Yeah, that's a really good point. 388 00:10:57,920 --> 00:10:59,960 Don't set yourself up for financial hardship. 389 00:10:59,960 --> 00:11:00,560 That's exact. 390 00:11:00,560 --> 00:11:03,280 Just to save a few bucks on your monthly bill, 391 00:11:03,280 --> 00:11:04,280 it's not worth it. 392 00:11:04,280 --> 00:11:05,360 No, it's not. 393 00:11:05,360 --> 00:11:07,680 And while we're talking about finances, 394 00:11:07,680 --> 00:11:09,280 this might be a good time to bring up 395 00:11:09,280 --> 00:11:12,160 the importance of making sure your home is adequately 396 00:11:12,160 --> 00:11:14,560 insured for its replacement value. 397 00:11:14,560 --> 00:11:16,760 Replacement value, what does that mean exactly? 398 00:11:16,760 --> 00:11:19,160 It means having enough insurance coverage 399 00:11:19,160 --> 00:11:22,800 to actually rebuild your home from scratch if it's destroyed. 400 00:11:22,800 --> 00:11:23,080 Right. 401 00:11:23,080 --> 00:11:25,720 And I mean, at current construction costs, 402 00:11:25,720 --> 00:11:28,040 not what it cost to build years ago, 403 00:11:28,040 --> 00:11:30,680 you'd be surprised how many people underestimate this. 404 00:11:30,680 --> 00:11:33,560 And they end up severely underinsured if disaster 405 00:11:33,560 --> 00:11:34,200 strikes. 406 00:11:34,200 --> 00:11:37,400 So how do you even determine the right amount of coverage? 407 00:11:37,400 --> 00:11:39,280 Is it just a guessing game or? 408 00:11:39,280 --> 00:11:41,680 It's not a guessing game talk to your insurance agent. 409 00:11:41,680 --> 00:11:41,920 OK. 410 00:11:41,920 --> 00:11:43,440 Or a qualified appraiser. 411 00:11:43,440 --> 00:11:43,920 OK. 412 00:11:43,920 --> 00:11:47,520 To get an accurate assessment of your home's replacement value. 413 00:11:47,520 --> 00:11:48,200 OK. 414 00:11:48,200 --> 00:11:50,600 They'll consider things like square footage. 415 00:11:50,600 --> 00:11:51,360 Right. 416 00:11:51,360 --> 00:11:54,680 Types of building materials, used local construction costs. 417 00:11:54,680 --> 00:11:56,200 So get a professional assessment. 418 00:11:56,200 --> 00:11:57,080 Don't just wing it. 419 00:11:57,080 --> 00:11:57,560 Don't wing. 420 00:11:57,560 --> 00:11:58,840 Got it. 421 00:11:58,840 --> 00:12:01,040 Anything else homeowners should be thinking about? 422 00:12:01,040 --> 00:12:01,640 Yes. 423 00:12:01,640 --> 00:12:05,240 Be aware of the risk factors in your specific area 424 00:12:05,240 --> 00:12:06,960 that could affect your insurance. 425 00:12:06,960 --> 00:12:07,320 OK. 426 00:12:07,320 --> 00:12:08,000 Like what? 427 00:12:08,000 --> 00:12:11,800 Things like proximity to wildfire prone areas, 428 00:12:11,800 --> 00:12:14,240 flood zones, coastlines. 429 00:12:14,240 --> 00:12:14,840 Right. 430 00:12:14,840 --> 00:12:17,360 You know, insurers are laser focused on these risks. 431 00:12:17,360 --> 00:12:17,520 Yeah. 432 00:12:17,520 --> 00:12:19,680 And they'll definitely factor them into your premiums 433 00:12:19,680 --> 00:12:21,040 and coverage options. 434 00:12:21,040 --> 00:12:24,040 So the more you know about the risks in your area. 435 00:12:24,040 --> 00:12:24,560 Yes. 436 00:12:24,560 --> 00:12:27,240 The better prepared you'll be to have those conversations. 437 00:12:27,240 --> 00:12:27,840 Exactly. 438 00:12:27,840 --> 00:12:28,760 With insurers. 439 00:12:28,760 --> 00:12:29,200 Yeah. 440 00:12:29,200 --> 00:12:30,760 And make informed decisions. 441 00:12:30,760 --> 00:12:31,160 Uh-huh. 442 00:12:31,160 --> 00:12:34,120 And you know, while we've been focused on what homeowners can 443 00:12:34,120 --> 00:12:34,560 do. 444 00:12:34,560 --> 00:12:35,040 Right. 445 00:12:35,040 --> 00:12:37,920 It's worth noting that this crisis is forcing changes 446 00:12:37,920 --> 00:12:40,080 within the insurance industry itself. 447 00:12:40,080 --> 00:12:40,440 Yeah. 448 00:12:40,440 --> 00:12:41,480 That makes sense. 449 00:12:41,480 --> 00:12:42,920 They're facing immense pressure. 450 00:12:42,920 --> 00:12:43,280 Right. 451 00:12:43,280 --> 00:12:44,960 They've got to adapt somehow. 452 00:12:44,960 --> 00:12:47,720 One way they're adapting is by using technology. 453 00:12:47,720 --> 00:12:48,160 OK. 454 00:12:48,160 --> 00:12:52,040 To get better at assessing risk and setting premiums. 455 00:12:52,040 --> 00:12:53,760 Think artificial intelligence. 456 00:12:53,760 --> 00:12:54,000 Right. 457 00:12:54,000 --> 00:12:54,760 Machine learning. 458 00:12:54,760 --> 00:12:55,280 Yeah. 459 00:12:55,280 --> 00:12:59,360 They're using these tools to analyze huge amounts of data 460 00:12:59,360 --> 00:13:02,320 from weather patterns to property values. 461 00:13:02,320 --> 00:13:02,800 Wow. 462 00:13:02,800 --> 00:13:05,480 To get a more accurate picture of risk. 463 00:13:05,480 --> 00:13:08,480 So they're trying to get smarter about how they evaluate risk. 464 00:13:08,480 --> 00:13:09,080 They are. 465 00:13:09,080 --> 00:13:11,920 And that's probably a good thing in the long run, right? 466 00:13:11,920 --> 00:13:12,200 Yeah. 467 00:13:12,200 --> 00:13:15,640 More accurate risk assessments could lead to more stable 468 00:13:15,640 --> 00:13:16,840 premiums for homeowners. 469 00:13:16,840 --> 00:13:17,680 That's the hope. 470 00:13:17,680 --> 00:13:20,640 But of course, with any powerful technology, 471 00:13:20,640 --> 00:13:22,280 there are always concerns. 472 00:13:22,280 --> 00:13:22,800 Yeah. 473 00:13:22,800 --> 00:13:26,480 We need to make sure it's being used fairly and ethically 474 00:13:26,480 --> 00:13:29,560 that it's not creating new forms of discrimination 475 00:13:29,560 --> 00:13:32,560 or unfairly disadvantaging certain communities. 476 00:13:32,560 --> 00:13:34,000 That's a really important point. 477 00:13:34,000 --> 00:13:34,480 It is. 478 00:13:34,480 --> 00:13:37,360 We need to be mindful of those potential downsides. 479 00:13:37,360 --> 00:13:37,920 Yes. 480 00:13:37,920 --> 00:13:40,440 And make sure that technology is being used responsibly. 481 00:13:40,440 --> 00:13:41,320 Absolutely. 482 00:13:41,320 --> 00:13:44,480 Another trend we're seeing is a move toward more personalized 483 00:13:44,480 --> 00:13:45,680 insurance policies. 484 00:13:45,680 --> 00:13:45,840 OK. 485 00:13:45,840 --> 00:13:48,760 So instead of those one-size-fits-all policy, 486 00:13:48,760 --> 00:13:52,360 you're saying insurers are starting to tailor coverage 487 00:13:52,360 --> 00:13:55,520 to each homeowner's needs and risk profile. 488 00:13:55,520 --> 00:13:56,320 Exactly. 489 00:13:56,320 --> 00:13:58,080 So how does that work in practice? 490 00:13:58,080 --> 00:14:01,080 What does a personalized policy look like? 491 00:14:01,080 --> 00:14:03,760 Well, let's say you live in a wildfire prone area. 492 00:14:03,760 --> 00:14:04,240 OK. 493 00:14:04,240 --> 00:14:07,200 A personalized policy might include coverage 494 00:14:07,200 --> 00:14:09,560 for fire-resistant landscaping. 495 00:14:09,560 --> 00:14:10,000 OK. 496 00:14:10,000 --> 00:14:12,320 Or those home hardening measures that you've 497 00:14:12,320 --> 00:14:13,800 taken to reduce your risk. 498 00:14:13,800 --> 00:14:14,120 Right. 499 00:14:14,120 --> 00:14:16,400 Or maybe you've got a sophisticated home security 500 00:14:16,400 --> 00:14:19,360 system that could get you a discount on your premium. 501 00:14:19,360 --> 00:14:22,440 So it's about recognizing that not all homes are the same. 502 00:14:22,440 --> 00:14:22,680 Right. 503 00:14:22,680 --> 00:14:26,120 And that homeowners who take steps to mitigate risk 504 00:14:26,120 --> 00:14:27,720 should be rewarded for their efforts. 505 00:14:27,720 --> 00:14:28,280 Exactly. 506 00:14:28,280 --> 00:14:32,280 And in theory, this approach could incentivize more 507 00:14:32,280 --> 00:14:35,960 homeowners to invest in risk reduction measures, which 508 00:14:35,960 --> 00:14:38,440 would benefit both them and the insurance companies. 509 00:14:38,440 --> 00:14:39,280 So win-win. 510 00:14:39,280 --> 00:14:40,160 Potentially. 511 00:14:40,160 --> 00:14:40,440 Yeah. 512 00:14:40,440 --> 00:14:42,280 But there are still a lot of questions 513 00:14:42,280 --> 00:14:44,800 about how this personalized approach will 514 00:14:44,800 --> 00:14:46,200 be implemented in practice. 515 00:14:46,200 --> 00:14:46,720 Right. 516 00:14:46,720 --> 00:14:52,200 Will it be truly accessible and affordable for all homeowners? 517 00:14:52,200 --> 00:14:53,280 We'll have to wait and see. 518 00:14:53,280 --> 00:14:55,560 So as with the use of technology, 519 00:14:55,560 --> 00:14:59,440 we need to keep a close eye on how these trends develop 520 00:14:59,440 --> 00:15:02,080 and what impact they actually have on homeowners 521 00:15:02,080 --> 00:15:02,880 in the real world. 522 00:15:02,880 --> 00:15:03,360 Yes. 523 00:15:03,360 --> 00:15:08,080 This is an evolving situation that requires careful attention. 524 00:15:08,080 --> 00:15:12,080 We need to find solutions that are both effective and equitable. 525 00:15:12,080 --> 00:15:15,400 So we've talked about the factors driving this crisis, 526 00:15:15,400 --> 00:15:18,320 the steps homeowners can take, and some of the changes 527 00:15:18,320 --> 00:15:20,080 happening within the insurance industry. 528 00:15:20,080 --> 00:15:20,640 Yes. 529 00:15:20,640 --> 00:15:25,040 But I think there's an even bigger question looming here. 530 00:15:25,040 --> 00:15:27,520 One that goes beyond individual homeowners. 531 00:15:27,520 --> 00:15:28,000 Yeah. 532 00:15:28,000 --> 00:15:30,360 And even the insurance industry as a whole. 533 00:15:30,360 --> 00:15:31,880 I think I know where you're going with this. 534 00:15:31,880 --> 00:15:32,240 OK. 535 00:15:32,240 --> 00:15:33,680 You're talking about the role of government 536 00:15:33,680 --> 00:15:35,760 in addressing this crisis. 537 00:15:35,760 --> 00:15:39,360 You've got to, if climate change is a major catalyst here. 538 00:15:39,360 --> 00:15:39,680 Right. 539 00:15:39,680 --> 00:15:42,440 And it's only going to intensify in the coming years, 540 00:15:42,440 --> 00:15:45,480 shouldn't the government be doing more to help homeowners 541 00:15:45,480 --> 00:15:47,240 and communities adapt? 542 00:15:47,240 --> 00:15:48,880 It's a question a lot of people are asking. 543 00:15:48,880 --> 00:15:49,400 It is. 544 00:15:49,400 --> 00:15:51,320 And there are a lot of different perspectives 545 00:15:51,320 --> 00:15:53,440 on what that government role should look like. 546 00:15:53,440 --> 00:15:55,760 So let's explore some of those perspectives. 547 00:15:55,760 --> 00:15:58,280 What are some of the solutions that are being proposed? 548 00:15:58,280 --> 00:16:00,560 Well, some argue that the government should provide 549 00:16:00,560 --> 00:16:03,080 more financial assistance to homeowners, 550 00:16:03,080 --> 00:16:06,000 particularly those in high-risk areas 551 00:16:06,000 --> 00:16:10,320 to help them afford insurance or make their homes more resilient 552 00:16:10,320 --> 00:16:11,280 to climate change. 553 00:16:11,280 --> 00:16:14,480 So provide direct support to the people who need it most. 554 00:16:14,480 --> 00:16:15,360 Exactly. 555 00:16:15,360 --> 00:16:16,560 What are some other ideas? 556 00:16:16,560 --> 00:16:17,240 Yeah. 557 00:16:17,240 --> 00:16:20,120 Others believe the government should be investing more heavily 558 00:16:20,120 --> 00:16:23,200 in climate adaptation and mitigation measures. 559 00:16:23,200 --> 00:16:26,760 Things like building seawalls, strengthening infrastructure, 560 00:16:26,760 --> 00:16:29,320 reducing greenhouse gas emissions. 561 00:16:29,320 --> 00:16:31,480 So tackling the root causes. 562 00:16:31,480 --> 00:16:33,400 Tackling the root causes, essentially. 563 00:16:33,400 --> 00:16:35,440 So instead of just reacting to disasters, 564 00:16:35,440 --> 00:16:38,880 we're trying to prevent them or at least minimize their impact. 565 00:16:38,880 --> 00:16:39,640 Exactly. 566 00:16:39,640 --> 00:16:42,080 And then there are proposals for the government 567 00:16:42,080 --> 00:16:45,720 to create or expand public insurance programs, 568 00:16:45,720 --> 00:16:48,520 like the EF Fair Plan in California, 569 00:16:48,520 --> 00:16:50,640 to offer coverage for homeowners who can't find it 570 00:16:50,640 --> 00:16:51,840 in the private market. 571 00:16:51,840 --> 00:16:55,080 So the government steps in as the insurer of last resort. 572 00:16:55,080 --> 00:16:56,160 That's the idea. 573 00:16:56,160 --> 00:16:59,240 But of course, any large-scale government program 574 00:16:59,240 --> 00:17:02,440 raises questions about cost and sustainability. 575 00:17:02,440 --> 00:17:05,600 And there is the potential for moral hazard. 576 00:17:05,600 --> 00:17:06,640 Moral hazard meaning what? 577 00:17:06,640 --> 00:17:08,320 Where people might take on more risk 578 00:17:08,320 --> 00:17:10,400 if they know the government will bail them out. 579 00:17:10,400 --> 00:17:11,120 Right. 580 00:17:11,120 --> 00:17:13,000 It's complicated. 581 00:17:13,000 --> 00:17:14,440 There are no easy answers here. 582 00:17:14,440 --> 00:17:14,760 No. 583 00:17:14,760 --> 00:17:16,280 A very complex issue. 584 00:17:16,280 --> 00:17:19,160 With a lot of competing interests and viewpoints. 585 00:17:19,160 --> 00:17:20,040 Absolutely. 586 00:17:20,040 --> 00:17:22,360 And at the end of the day, it's up to policymakers 587 00:17:22,360 --> 00:17:26,400 to decide how to balance those interests and craft solutions 588 00:17:26,400 --> 00:17:29,120 that are both effective and fair. 589 00:17:29,120 --> 00:17:31,560 We're talking about so much more than insurance premiums here. 590 00:17:31,560 --> 00:17:32,200 We are. 591 00:17:32,200 --> 00:17:34,920 We're talking about the future of homeownership, 592 00:17:34,920 --> 00:17:38,200 the affordability of housing, the government's role 593 00:17:38,200 --> 00:17:40,080 in responding to climate change. 594 00:17:40,080 --> 00:17:41,080 It's huge. 595 00:17:41,080 --> 00:17:41,760 It's huge. 596 00:17:41,760 --> 00:17:42,280 You're right. 597 00:17:42,280 --> 00:17:44,160 This is a much bigger conversation 598 00:17:44,160 --> 00:17:45,600 that we're just beginning to have. 599 00:17:45,600 --> 00:17:49,040 And it's a conversation we need to keep having. 600 00:17:49,040 --> 00:17:51,000 We'll be right back with some final thoughts 601 00:17:51,000 --> 00:17:54,560 on this complex and evolving issue. 602 00:17:54,560 --> 00:17:57,960 Welcome back to Meteorology Matters. 603 00:17:57,960 --> 00:18:00,880 We've been unpacking this homeowners insurance crisis. 604 00:18:00,880 --> 00:18:03,920 And it's clear that this is a huge issue with consequences 605 00:18:03,920 --> 00:18:06,400 that go way beyond just those monthly payments. 606 00:18:06,400 --> 00:18:06,680 Yeah. 607 00:18:06,680 --> 00:18:09,280 We're talking about the stability of entire communities. 608 00:18:09,280 --> 00:18:09,920 Absolutely. 609 00:18:09,920 --> 00:18:11,640 The affordability of housing. 610 00:18:11,640 --> 00:18:11,920 Right. 611 00:18:11,920 --> 00:18:15,880 The fundamental right to feel secure in your own home. 612 00:18:15,880 --> 00:18:16,440 Exactly. 613 00:18:16,440 --> 00:18:18,760 And as we've discussed, climate change 614 00:18:18,760 --> 00:18:20,800 is a major catalyst for this whole thing. 615 00:18:20,800 --> 00:18:26,120 It is as extreme weather events become more frequent and more 616 00:18:26,120 --> 00:18:30,000 severe, the financial strain on insurance companies 617 00:18:30,000 --> 00:18:30,960 just keeps mounting. 618 00:18:30,960 --> 00:18:31,920 It's a tough situation. 619 00:18:31,920 --> 00:18:34,760 And that strain inevitably trickles down to homeowners. 620 00:18:34,760 --> 00:18:35,160 It does. 621 00:18:35,160 --> 00:18:37,960 We're seeing it in those higher premiums, the non-renewals, 622 00:18:37,960 --> 00:18:39,160 and fewer coverage options. 623 00:18:39,160 --> 00:18:39,680 Uh-huh. 624 00:18:39,680 --> 00:18:40,840 It's tough for everyone. 625 00:18:40,840 --> 00:18:42,360 It's a vicious cycle. 626 00:18:42,360 --> 00:18:44,720 And if we don't find ways to break it, 627 00:18:44,720 --> 00:18:46,640 the consequences could be devastating. 628 00:18:46,640 --> 00:18:48,000 They really could. 629 00:18:48,000 --> 00:18:50,440 I mean, what worries me is that home ownership could become 630 00:18:50,440 --> 00:18:54,080 unattainable for a large portion of the population 631 00:18:54,080 --> 00:18:55,640 if we don't address this head-on. 632 00:18:55,640 --> 00:18:56,880 Yeah, that's a valid concern. 633 00:18:56,880 --> 00:18:59,360 And it's not unthinkable that we could end up 634 00:18:59,360 --> 00:19:03,560 with a two-tiered system where those who can afford to live 635 00:19:03,560 --> 00:19:07,000 in safe, insured homes are protected 636 00:19:07,000 --> 00:19:11,280 while others are left vulnerable to the whims of nature 637 00:19:11,280 --> 00:19:14,040 and the financial fallout of climate change. 638 00:19:14,040 --> 00:19:15,160 Absolutely. 639 00:19:15,160 --> 00:19:18,080 Raises some serious questions about fairness and equity. 640 00:19:18,080 --> 00:19:18,560 It does. 641 00:19:18,560 --> 00:19:20,080 So where do we go from here? 642 00:19:20,080 --> 00:19:20,480 Well. 643 00:19:20,480 --> 00:19:21,640 We've talked about a lot of challenges. 644 00:19:21,640 --> 00:19:22,040 Yeah. 645 00:19:22,040 --> 00:19:25,320 But what are some potential paths forward? 646 00:19:25,320 --> 00:19:27,800 I mean, where can we find some hope in all of this? 647 00:19:27,800 --> 00:19:30,720 Well, as we touched on earlier, the role of government 648 00:19:30,720 --> 00:19:31,720 is going to be crucial. 649 00:19:31,720 --> 00:19:32,080 OK. 650 00:19:32,080 --> 00:19:34,240 There's a growing call for government intervention 651 00:19:34,240 --> 00:19:36,200 to help stabilize the insurance market. 652 00:19:36,200 --> 00:19:36,680 OK. 653 00:19:36,680 --> 00:19:39,560 Maybe provide financial assistance to homeowners 654 00:19:39,560 --> 00:19:42,920 and invest in those climate resilience measures that 655 00:19:42,920 --> 00:19:44,440 can actually reduce risk. 656 00:19:44,440 --> 00:19:46,280 Sounds like a multifaceted problem 657 00:19:46,280 --> 00:19:48,040 requires multifaceted solution. 658 00:19:48,040 --> 00:19:48,520 It does. 659 00:19:48,520 --> 00:19:51,240 We can't just keep putting band-aids on a system 660 00:19:51,240 --> 00:19:52,880 that's fundamentally strained. 661 00:19:52,880 --> 00:19:55,080 We need to invest in innovative solutions. 662 00:19:55,080 --> 00:19:56,280 Yes. 663 00:19:56,280 --> 00:19:59,040 Maybe it's developing new building material that 664 00:19:59,040 --> 00:20:01,680 can withstand extreme weather or promoting 665 00:20:01,680 --> 00:20:04,520 sustainable land use practices or even 666 00:20:04,520 --> 00:20:07,360 exploring alternative insurance models that 667 00:20:07,360 --> 00:20:10,400 are better suited to the realities of climate change. 668 00:20:10,400 --> 00:20:11,680 There's got to be a better way. 669 00:20:11,680 --> 00:20:12,640 There might be. 670 00:20:12,640 --> 00:20:15,760 We need to shift away from the traditional mindset 671 00:20:15,760 --> 00:20:18,160 of simply ensuring against risk. 672 00:20:18,160 --> 00:20:18,640 Right. 673 00:20:18,640 --> 00:20:20,840 And embrace a more holistic approach, one 674 00:20:20,840 --> 00:20:24,520 that emphasizes prevention, mitigation, and adaptation. 675 00:20:24,520 --> 00:20:26,480 I like that working with nature, not against it. 676 00:20:26,480 --> 00:20:26,980 Exactly. 677 00:20:26,980 --> 00:20:30,640 And that shift requires collaboration across the board. 678 00:20:30,640 --> 00:20:31,240 Absolutely. 679 00:20:31,240 --> 00:20:34,240 We need all levels of government, the private sector, 680 00:20:34,240 --> 00:20:37,000 and individual homeowners all working together 681 00:20:37,000 --> 00:20:39,320 to create a more resilient future. 682 00:20:39,320 --> 00:20:40,520 And the good news is we're already 683 00:20:40,520 --> 00:20:42,160 seeing some inspiring examples. 684 00:20:42,160 --> 00:20:42,840 We are. 685 00:20:42,840 --> 00:20:45,840 Of communities coming together to find creative solutions. 686 00:20:45,840 --> 00:20:46,440 That's right. 687 00:20:46,440 --> 00:20:48,120 Like, give us some hope. 688 00:20:48,120 --> 00:20:50,360 What are people doing that's actually working? 689 00:20:50,360 --> 00:20:52,200 Well, for instance, some coastal communities 690 00:20:52,200 --> 00:20:55,360 are implementing what are called managed retreat programs. 691 00:20:55,360 --> 00:20:58,680 They're strategically relocating homes and infrastructure 692 00:20:58,680 --> 00:21:00,960 away from high risk areas. 693 00:21:00,960 --> 00:21:01,400 OK. 694 00:21:01,400 --> 00:21:02,680 It's a tough decision. 695 00:21:02,680 --> 00:21:02,880 Right. 696 00:21:02,880 --> 00:21:07,400 But it's a proactive way to reduce exposure to future disasters. 697 00:21:07,400 --> 00:21:09,720 It's a bold move, but it makes sense in the long run. 698 00:21:09,720 --> 00:21:10,440 It does. 699 00:21:10,440 --> 00:21:12,080 What other approaches are you seeing? 700 00:21:12,080 --> 00:21:12,560 Yeah. 701 00:21:12,560 --> 00:21:14,320 Well, we're seeing communities invest 702 00:21:14,320 --> 00:21:16,440 in what's called natural infrastructure. 703 00:21:16,440 --> 00:21:16,800 OK. 704 00:21:16,800 --> 00:21:19,360 Things like restoring wetlands and planting trees. 705 00:21:19,360 --> 00:21:19,880 Right. 706 00:21:19,880 --> 00:21:23,240 To act as buffers against storms and reduce flooding. 707 00:21:23,240 --> 00:21:23,840 Right. 708 00:21:23,840 --> 00:21:26,400 You know, these nature-based solutions not only 709 00:21:26,400 --> 00:21:29,680 protect homes and property, but they also 710 00:21:29,680 --> 00:21:31,440 have ecological benefits. 711 00:21:31,440 --> 00:21:32,560 It's a win-win. 712 00:21:32,560 --> 00:21:33,120 It is. 713 00:21:33,120 --> 00:21:36,080 I love that finding ways to work with nature, not against it. 714 00:21:36,080 --> 00:21:36,760 Exactly. 715 00:21:36,760 --> 00:21:39,600 And there are so many other innovative ideas popping up. 716 00:21:39,600 --> 00:21:39,800 Yeah. 717 00:21:39,800 --> 00:21:42,280 From community-based insurance pools 718 00:21:42,280 --> 00:21:46,200 to micro-insurance programs designed specifically 719 00:21:46,200 --> 00:21:47,560 for low-income homeowners. 720 00:21:47,560 --> 00:21:48,080 Wow. 721 00:21:48,080 --> 00:21:50,320 People are getting creative and finding solutions 722 00:21:50,320 --> 00:21:52,240 that work for their unique circumstances. 723 00:21:52,240 --> 00:21:53,600 That's encouraging to hear. 724 00:21:53,600 --> 00:21:57,080 It shows that while this homeowners insurance crisis 725 00:21:57,080 --> 00:21:59,560 presents some very real challenges, 726 00:21:59,560 --> 00:22:02,280 it also presents an opportunity for innovation. 727 00:22:02,280 --> 00:22:06,000 For collaboration and a fundamental rethinking 728 00:22:06,000 --> 00:22:08,240 of how we live in a world increasingly 729 00:22:08,240 --> 00:22:10,280 shaped by climate change. 730 00:22:10,280 --> 00:22:12,920 It's a call to action for all of us to get involved. 731 00:22:12,920 --> 00:22:13,760 Stay informed. 732 00:22:13,760 --> 00:22:14,320 Absolutely. 733 00:22:14,320 --> 00:22:17,520 And work together to create a more resilient future. 734 00:22:17,520 --> 00:22:18,240 Well said. 735 00:22:18,240 --> 00:22:21,000 So to our listeners out there, we want to hear from you. 736 00:22:21,000 --> 00:22:21,560 We do. 737 00:22:21,560 --> 00:22:24,000 What are your thoughts and experiences with this homeowners 738 00:22:24,000 --> 00:22:25,000 insurance crisis? 739 00:22:25,000 --> 00:22:25,480 Yeah. 740 00:22:25,480 --> 00:22:27,960 Have you faced challenges finding or affording coverage? 741 00:22:27,960 --> 00:22:28,600 Mm-hmm. 742 00:22:28,600 --> 00:22:31,320 Share your stories and insights on social media 743 00:22:31,320 --> 00:22:34,000 using the hashtag hashtag meteorology matters. 744 00:22:34,000 --> 00:22:36,320 And don't forget to follow meteorologist Rob Jones 745 00:22:36,320 --> 00:22:39,720 on Instagram at at meteorologist on TikTok 746 00:22:39,720 --> 00:22:41,800 at at TV meteorologists. 747 00:22:41,800 --> 00:22:44,640 And on YouTube, follow at Rob Jones' Hurricane. 748 00:22:44,640 --> 00:22:45,320 Perfect. 749 00:22:45,320 --> 00:22:47,880 You can also find meteorology matters in the podcast 750 00:22:47,880 --> 00:22:48,320 playlist. 751 00:22:48,320 --> 00:22:49,640 We'll see you next time. 752 00:22:49,640 --> 00:22:50,480 Thanks for joining us. 753 00:22:50,480 --> 00:22:52,880 And remember, well, this situation may seem daunting. 754 00:22:52,880 --> 00:22:54,040 Knowledge is power. 755 00:22:54,040 --> 00:22:56,520 The more we understand about the forces at play, 756 00:22:56,520 --> 00:22:59,840 the better equipped will be to navigate this complex landscape 757 00:22:59,840 --> 00:23:06,520 and advocate for solutions that work for everyone.