The Hole Thirty

“What was their home is now a cement slab, with bits of granite and linoleum flooring sticking out. The county sent a $38,000 bill, which incurs interest monthly. The Pelleys owed more than half a million dollars for a home that no longer existed on land that was unbuildable. Insurance, the Pelleys say, still refused to pay. Water didn’t come into the house into this second event, either, as it had been erased.” The latest piece in Bloomberg’s (Gift Article) excellent series on how climate change is making parts of the planet uninsurable. The 30-Year Mortgage Wasn’t Designed for Climate Chaos. “Homeowners in Florida and California have already been trying to reconcile their mortgage duration and dwindling insurance options with neighborhoods that may not live to see 30 years. In a nation where long-term loans are the gateway to homeownership for most families, climate change is rewriting the basic assumptions about risk.”