The Martha’s Vineyard Times reported last week on what we all know to be true – that “several mainstream providers of home insurance are pulling coverage for the Island” because they “are finding it more lucrative to abstain from coverage in areas that are at risk of flooding, high winds, or fires, leaving smaller agencies and homeowners to scramble.”
This begs an obvious question – isn’t that the whole purpose of insurance companies – to provide coverage for areas at risk?
Climate change may be a concern somewhere in the back of your mind – flooded roads, beach erosion, hotter summers – but it is an economic issue as well, for everyone of us. When it hits our wallets, there is increased incentive to take action.
Many years ago at a climate change conference a speaker noted that, “When the insurance industry stops insuring houses because of sea level rise, when climate change begins to affect the bottom line, it will be a force of change.”
Here are a couple of ideas to force change:
- We can reduce our greenhouse gas emissions while also saving money – take advantage of Vineyard Power’s free Energy Coach program.
- In the bigger picture, cut up your credit cards from banks that heavily finance fossil fuels – the top three are JPMorgan, Citi, and Bank of America.
This has been a note from the MVC Climate Change Coordinator
