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The Unnatural Disaster Of Insurance, Underinsurance, And Natural Disasters, Kenneth S. Klein
The Unnatural Disaster Of Insurance, Underinsurance, And Natural Disasters, Kenneth S. Klein
Faculty Scholarship
This article presents a novel data set describing the frequency of materially inadequate homeowner insurance in the event of a total loss. For decades, after a natural disaster, large percentages of homeowners who have lost their homes report suffering a second devastating loss — that, entirely to their surprise, they are vastly underinsured. These reports provocatively suggest that a large majority of all insured homes in the United States — not just homes destroyed by a natural disaster—might be profoundly, unknowingly, and unintentionally underinsured. Insurance companies reject this possibility. Insurers posit that underinsurance is rare, that other than after natural …
Is Fire Insurable?, Kenneth S. Klein
Is Fire Insurable?, Kenneth S. Klein
Faculty Scholarship
The focus of this chapter is on the extant data on the prevalence, causes, and depth of inadequate, unavailable, and/or unaffordable dwelling insurance for fire, and what might be done about it. Whether it is ‘bushfire’ in Australia or ‘wildfire’ in the United States, the frequency, intensity, and cost of fire is increasing, with no reason to expect the upward trend to dissipate any time soon. Most homeowners want to insure their homes for fire and think they both have done so and done so adequately. More often than not, they are wrong. And many are finding that insurance now …
Ashes To Ashes: A Way Home For Climate Change Survivors, Kenneth S. Klein
Ashes To Ashes: A Way Home For Climate Change Survivors, Kenneth S. Klein
Faculty Scholarship
In 2020, the United States suffered a record number of named storms, a record number of storms causing $1 billion or more in damage, a derecho that destroyed much of Iowa’s corn crop, and previously unheard-of levels of wildfire frequency and damage in California, Oregon, and Washington. The effects of climate change are causing a crisis of affordable, available homeowner insurance. As more and more homes in the United States are in high-risk areas for natural catastrophes, insurers increasingly choose not to offer insurance at all in some communities, exclude disaster risks from coverage in others, and dramatically raise prices …