No it isn’t. It’s just unprofitable which means it can be fixed with higher rates.
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If it costs 10 million dollars to replace a house, the insurance will be out reach for most homeowners.
I think this is a subset of larger shift in the economics of insurance. While coverage focuses most on the climate change aspect, the majority of the change is driven by building costs. If you cant rebuild economically, then you cant insure economically.