When Insurance Markets Fail: Community Solutions for Climate-Threatened Homeowners
Natural disasters caused $320 billion in worldwide losses in 2024, with only $140 billion insured—illustrating a massive "protection gap." Climate change is destabilizing insurance markets nationwide, from Florida's collapsing private market to Massa chusetts experiencing the 5th highest homeowner policy non-renewal rate in 2023. Charlie Sidoti from InnSure, a Cambridge-based nonprofit, will share insights on innovative approaches to address the growing gap in climate-related insurance coverage. As traditional insurance markets face mounting pressure from escalating climate risks, InnSure is pioneering community-centered solutions that make coverage more accessible and affordable.
Their presentation will highlight Salem, Massachusetts' groundbreaking flood resilience pilot program—a partnership with the QBE North America Foundation launching in late 2025. This first-of-its-kind Massachusetts initiative combines comprehensive home resilience audits with community-embedded insurance solutions designed to recognize and reward climate adaptation efforts at both household and community levels.
The program represents a shift from traditional insurance models toward what Brandt calls a "community-up approach." Rather than relying solely on individual risk assessments, InnSure develops methods for calculating the total cost of risk for entire vulnerable communities, then works with insurance partners to create tailored solutions—including potential insurance discounts, group coverage options, or community mutual insurance approaches.
The speaker will cover the current state of climate-driven changes in insurance affordability and availability, the role of residual insurance programs, and practical steps homeowners and municipalities can take to reduce and manage flood risk. With plans to expand to Plymouth and other coastal communities, InnSure's model offers hope for communities nationwide struggling with the intersection of climate change and insurance accessibility.
As a coastal community facing climate vulnerabilities—including risks to our water supply and tax base—understanding these insurance innovations and risk management strategies is crucial for our community's resilience.
Event Details:
Date: Monday, September 29, 2025
Location: Newburyport Senior/Community Center, 331 High Street, Newburyport
Time: Doors open at 6:30 PM for socializing and refreshments; presentation begins at 7:00 PM
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This event is sponsored by the Institution for Savings