This isn’t insurance companies, the LA fires alone cost $250 billion, ~the gdp of new Zealand. Even if we abolished insurance companies someone’s gotta pay for that. In that vein a lot of insurance companies are abolishing themselves, either going under or just leaving the state because Californiais a net loss to most companies, not a profit. So more people go on state insurance which is very expensive, not because the state is “r*ping you” but because it’s a pool of houses highly likely to be burned down or flooded in the next decade and you have to have high premiums to cover that.

The problem is climate change and the increasing disasters it’s causing. The article even says that premiums are still too low to account for this.

First Street found that today, insurance underprices climate risk for 39 million properties across the continental United States — meaning that for 27% of properties in the country, premiums are too low to cover their climate exposure.

Propublica link to the same article

No offense to op but I think they deserve the clicks more than NYT