Progressive Insurance and State Farm are pulling insurance coverage for homes in Florida and California due to climate-induced disasters, leading to increased premiums and policy nonrenewals in the US. Insurers are profiting from premium hikes, reinvesting in fossil fuels, worsening the climate crisis. This insurance crisis threatens housing affordability, forcing homeowners to leave or face foreclosure. The impact extends to renters facing higher insurance costs passed on by landlords, contributing to housing unaffordability and homelessness nationwide.
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