Dear Editor:

Homeowners insurance companies, such as Farmers Insurance, AAA, and Progressive, are pulling out of renewing some or all policies in Florida due to the state being “hurricane-prone.” This is perplexing because Florida has always been hurricane-prone. But not at the same magnitude as we are currently advancing to.

Due to climate change, stronger hurricanes and extreme rainfall events are happening more frequently. This is according to the laws of thermodynamics: With each degree of Celsius, the earth’s atmospheric temperature rises, and the atmosphere can hold an additional 7% of water vapor.

Ten catastrophic and deadly flooding events occurred in the world within the span of 12 days this September. Fort Lauderdale already had its own 1-in-1,000-year flood in April. The National Oceanographic and Atmospheric Association (NOAA) says costs covering damage from extreme weather events have increased from approximately $21.3 billion per year in the 1980s to approximately $165 billion in 2022.

Insurance companies aren’t sticking around for rising costs and are either surging premiums or backing out entirely.

A viable solution is putting a fee or tax on emitting carbon, which can then be paid to US citizens as carbon dividends. Several of the world’s developed economies already have a carbon pricing policy in place. It encourages carbon emitters to develop greener solutions while simultaneously returning those dollars to U.S. citizens and helping Floridians keep financial security as they try to protect their homes.

Sincerely,

Emma Hamilton