Hurricanes Helene and Milton won't shake muni bond markets, but will lead to crushing increases in insurance costs. That's a problem for the entire system.
I live in Berkeley CA. Not only does a large earthquake fault run Cal's football stadium, but the top of the hills where the rich like to live is in what we call the WUI (Wildland Urban Interface). This is the area where 3000 homes burned in the Oakland Hills in 1991. Well, the good news (good news as far as I am concerned) is that our new fire chief has ruled that the fire department will not rescue anyone at the top of the hills and over the hills, an area of very narrow, winding streets, who has not evacuated when asked to (in 1991, about 20 people and police were killed by the fire trying to get out). These homes have apparently lost their insurance also. I live in the flatlands, and my insurance did not go up this year. I believe this is correct, as these people should be wealthy enough to self insure. I have spent money to earthquake proof my house, and have plans to replace it if it is destroyed. I've fire hardened my house, and my insurance company says they will sent someone out to protect my house if necessary. Maybe it helps that a fire house is on my block. Berkeley does a lot of community prep for both earthquakes and fires and we have attended those classes. My impression is that most cities don't do this, at least outside California or blue states. You have to be prepared for disasters and you should take common sense steps to lessen the insurance company's burden, so that you can get reasonably priced insurance. People should recognize that earthquakes and climate disasters will happens. Climate disasters will happen more often now, and we should be prepared.
I live in Berkeley CA. Not only does a large earthquake fault run Cal's football stadium, but the top of the hills where the rich like to live is in what we call the WUI (Wildland Urban Interface). This is the area where 3000 homes burned in the Oakland Hills in 1991. Well, the good news (good news as far as I am concerned) is that our new fire chief has ruled that the fire department will not rescue anyone at the top of the hills and over the hills, an area of very narrow, winding streets, who has not evacuated when asked to (in 1991, about 20 people and police were killed by the fire trying to get out). These homes have apparently lost their insurance also. I live in the flatlands, and my insurance did not go up this year. I believe this is correct, as these people should be wealthy enough to self insure. I have spent money to earthquake proof my house, and have plans to replace it if it is destroyed. I've fire hardened my house, and my insurance company says they will sent someone out to protect my house if necessary. Maybe it helps that a fire house is on my block. Berkeley does a lot of community prep for both earthquakes and fires and we have attended those classes. My impression is that most cities don't do this, at least outside California or blue states. You have to be prepared for disasters and you should take common sense steps to lessen the insurance company's burden, so that you can get reasonably priced insurance. People should recognize that earthquakes and climate disasters will happens. Climate disasters will happen more often now, and we should be prepared.
So helpful, thank you for this