Lethal Storms Pose Growing Threat to Home Insurance in the US Heartland
One of the most noticeable effects of the US climate issue at the moment is the growing cost of homeowners' insurance. In California, major insurers like State Farm and Allstate have stopped providing fire insurance, removing thousands of homes from their policies. In a similar vein, several small insurance firms have failed or left Louisiana and Florida in the wake of the most recent disasters. This issue is quickly developing into a catastrophe that affects more than just the coastal areas of the country. There has also been a less publicized disaster that has caused billions of dollars' worth of damage to areas in the Midwest and Great Plains. In reaction, insurers have cut clients and increased prices beyond recognition, even in inland regions like Iowa. These "severe-convective storms" are violent thunderstorms that originate and fade in hours or days, frequently causing hail and tornadoes as they sweep over the central United States. ...