When Insurance Leaves, Everything Else Follows
Four hundred thousand home insurance policies canceled in California since 2021. Twenty-nine percent of markets in the state are already showing slowed home sales because of it. That is not the start of a problem. That is the middle of one.
What nobody is connecting loudly enough is what happens next. When insurance leaves a neighborhood, mortgages go with it. When mortgages go, property values fall. When property values fall, the tax base shrinks. And when the tax base shrinks, the municipalities that financed 70 percent of America's essential infrastructure through the $4.2 trillion muni…
The skinny
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