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“At California Costs” – How the insurance coverage trade is responding to the dangers of local weather change

The burned-out automobiles are seen after the Dixie hearth close to the city of Canyondam occurred in August. REUTERS / Fred Greaves

Tony and Jan Dunn by no means thought they would depart California. They grew up in San Diego, constructed life within the state collectively, and deliberate to retire right here.

However after a wildfire burned down their house three years in the past of their Northern California city of Paradise, they had been unable to get insurance coverage to purchase one other one.

“Mainly, we acquired costs exterior of California,” Dunn, a retirement planner, advised Reuters on the couple’s new house in North Carolina.

“It was unhappy as a result of we each spent our total lives in California,” he added.

Hundreds of house owners and companies from California to Australia are in the same place as a result of the insurance coverage trade, famend for its willingness to cowl all the things from Bruce Springsteen’s vocal cords to alien abductions, can not account for local weather change.

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