The tsunami is rising in CA. Our rates have tripled and the coverage hollowed out; the list of removed line items from our policy was a document 100’s of pages long.
As Insurers Around the U.S. Bleed Cash From Climate Shocks, Homeowners Lose https://www.nytimes.com/interactive/2024/05/13/climate/insurance-homes-climate-change-weather.html
“In 2023, insurers lost money on homeowners coverage in 18 states, more than a third of the country, according to a New York Times analysis of newly available financial data. That’s up from 12 states five years ago, and eight states in 2013. The result is that insurance companies are raising premiums by as much as 50 percent or more, cutting back on coverage or leaving entire states altogether. Nationally, over the last decade, insurers paid out more in claims than they received in premiums, according to the ratings firm Moody’s, and those losses are increasing.”
“Pekin says it has “paused” writing homeowners insurance in Illinois, Indiana, Ohio and Wisconsin, citing the increased frequency and severity of storms. Secura is dropping customers in Illinois, Indiana and Michigan.
The homeowners insurance market in each of those states has become unprofitable, according to AM Best data.”
A struggling homeowners insurance market “used to be a coastal problem,” Mr. Erstine said. “It’s now ubiquitous. It’s found in every corner of our country.”
“But most states lack a comprehensive plan to restore the market…The industry is likely to rebound by changing its practices: not just raising rates, but also narrowing coverage and exiting certain markets.”
WearyTravelers.net 