I imagine in a world without insurance the government would act as the insurance company and take money via taxes (see, national FEMA flood insurance for example).
Exactly it won’t be cheap anyway you look at it. In Florida the state government homeowners insurance equivalent of “Medicare for
Homeowners” who can’t insure their homes is citizens
en.m.wikipedia.org
This is just a snapshot what happens in Florida with non profit homeowners insurance program
“
Some companies stopped writing policies in high-claim South Florida, refused to renew where roof age exceeded 10 years or the home was built prior to
Hurricane Andrew, before
Hurricane-proof buildingcodes were adopted. Since April 2021, four insurers were closed as insolvent. One of those, Avatar Property & Casualty, had 37,000 former customers looking for an insurer. Unfortunately for 2,000 of them, they had pending claims against Avatar, and most companies have underwriting guidelines that prohibit writing a new policy for a property with an open claim.
[28] Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
[28]
Citizen's Policies numbered 807,910 on March 25, 2022.
[28] When the regular Florida legislative session ended in March 2022, the Florida Senate had passed a bill to limit “free roof” claims and similar lawsuits, but the Florida House did not.
Demotech is the company that issues financial stability ratings for 50 Florida-based insurers. On March 23, 2022 the top five executives from Demotech sent a letter to Florida's Governor plus the Senator and House leadership entreating them to pass reforms before the start of
Atlantic hurricane season June 1. Failure to do so would cause Demotech to downgrade the
financial stability ratings for "a number" of Florida insurers”
www.census.gov
