The home insurance system is fatally flawed. As climate disasters intensify, it's becoming dangerously clear this system cannot protect us. We need a new model entirely — one focused on safeguarding people from financial consequences, not enriching insurers.
I don't know a ton about it, but it seems like Obama put some mechanism in place that basically offsets the rising cost of insuring buildings that flood repeatedly onto everyone else in the program, so premiums seem to have very little connection with the actual number of times your house has flooded.