Catching up on Insurance news around the country
 

State Farm is stopping the sale of new home-insurance policies in California effective Saturday, because of wildfire risk and rapid inflation in construction costs
State Farm Halts Home-Insurance Sales in California - WSJ

Just got our homeowners premium notice. It’s not good news! Eight years ago we moved into our new home in The Villages. Insurance premium was $700.00 today’s premium $1,700. (Numbers rounded of course). Never had a claim. As a matter of fact, don’t know of a claim within blocks of our house. “Something” just does not seem right about this.

Folks in Tallahassee are asleep at the wheel……

Tallahassee
 

Bogie, you got that right. Insurance lobby?

Blame it mostly on the roof scam.

Insurance is not about your individual history, it's all "pool" based.....and we are in the Florida (hurricane, flood) pool. Plus as more companies leave the burdens fall on the few remaining providers. Lets hope the latest legislation helps keep competition alive but if it doesn't, it will continue to get expensive.

We all pay for the claim of others, specifically the claims from last years hurricanes which devastated other parts of the state.

Which would receive more business from new customers

In hurricane alley, it’s profitable with only onezy twoozy claims per 100,000, until the 50,000 per 100,000 with a hurricane

that the insurance companies started.

$1700 is a good deal.
 

With Progressive ours jumped from $1700 to $2500. A neighbor also with Progressive was set to renew for $5000. They switched to State Farm which came in under 2 grand. BOHICA.

area
 

Cost is based on payout for the area by the industry hurricanes, some flooding and you can thank all those idiots getting "free" new roofs when they don't need them. Probably can't get it by the coast

You pay for all the claims in the US for fires, tornadoes, floods, hurricanes. They don't look at your home insurance and say "oh gosh this guy is good, never had a claim". That's not how it works. Your ins goes up according to market trends in your area. I replaced a roof in Il with insurance. My premium the next year hardly went up. This year it did some.

A neighbor in Il is a seasonal occupant of a duplex in Ft Myers. Her home was not damaged by the hurricane but the new insurance is $2500 every 3 months or $10,000 a year! As a side note I doubt the new roofs are a major factor in TV. It's the potential weather risks everywhere.

I find it very difficult to believe that insurance companies are losing money on the homeowners insurance policies they sell, especially in The Villages. I would like to see the math.