INSURANCE INCREASE

Despite higher premiums, reduced coverage, higher deductibles, and leaving entire states, over the last decade insurers paid more in homeowners insurance claims than they collected in premiums. Recently, this has been meaningfully exacerbated by rising reinsurance rates that insurers pay for insurance. To wit, in 2023 insurers lost money on homeowners’ coverage in 18 states, well up from eight states in 2013 and 2014 and 12 in 2017 and 2018.