Networks blame climate change for crushing insurance costs

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Since escalating home insurance prices certainly can’t be blamed on President Joe Biden’s policies, media lapdogs were happy to announce that climate change is the real reason behind the soaring rates.

It seemed more convenient in recent CBS and NBC reports to focus blame for the price spike in buying and insuring a home on vague climate concepts than on the concrete fallout of Bidenomics.

“The costs of owning and maintaining a home have soared, up 26% since 2020 according to one analysis,” Brian Cheung reported on “NBC Nightly News” this week.

“And home insurance is a major piece. That’s up 20%. One of the reasons, climate change,” he continued. “Last year, the United States had a record 28 separate weather and climate disasters costing at least $1 billion, with insurance companies losing money in 16 states. And now many insurers are dropping customers from their policies, sometimes leaving entire states – and not just ones on the coast.”

Conveniently ignored were the skyrocketing cost of building materials, costs associated with energy, transportation, food, and current inflation woes. And the dismal high cost-of-living report came on the heels of anchor Lester Holt delivering “welcome news” about inflation and a potential rate cut from the Fed this year.

“Some welcome news today as May inflation came in cooler than expected, up 3.3% year over year. The Fed today leaving interest rates unchanged and signaling just one cut is likely this year,” Holt said ahead of the segment from the series, “The cost of living.”

“Price relief coming in areas like airline fares, down almost 6%. Used cars and trucks down more than 9%, and smartphone prices down 11 1/2%,” he said, adding that “even after buying a home, the cost of maintaining it is hitting Americans hard.”

CBS News went down a similar path of ignoring the effects of inflation while suggesting “weatherproofing” and bundling insurance.

“With many parts of the country seeing more extreme weather and heavier damage, premiums are going through the roof,” CBS’s Jo-Ling Kent said in the “Money Watch” segment on “CBS Evening News” this week, according to MRC’s Newsbusters.

“Nationwide, the average home insurance policy rose 11% last year. Currently, for $300,000 of coverage, the average premium is $2200 a year. If rates go up 11% this year, that’s an additional $245,” Kent continued. “To lower your insurance costs, consider bundling your home and auto insurance, investing in weatherproofing your home, including storm windows and drains, and shop around for quotes. Little things that can lead to big savings.”

Over on ABC News, everything was coming up roses in the Biden economy.

“To the economy tonight, and the new numbers showing inflation is now slowing,” David Muir reported on “ABC World News Tonight” Tuesday.

“The Fed signaling a rate cut will come this year, though the Federal Reserve leaving interest rates unchanged for now. The better-than-expected inflation report, the Consumer Price Index, rising just 3.3% in May over a year ago,” he added. “The stock market responding today to the news. The S&P 500 hitting 5,400 for the first time, the NASDAQ also hitting a record high.”

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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida. Powers also contributes to BizPac Review.