Eli5: Why are insurance companies leaving entire states like California and Florida?
In: Economics
They are raising prices 300% in Louisiana. Paid $1400 2 years ago. $2500 the next year. This year they wanted $5000. Nope. Had to find someone else. Ever since 2020, insurance has lost a ton of money. We had Covid, 2 major hurricanes, floods, freezes, then another major hurricane, and more floods. I saw someone in Lafourche parish that had a homeowners bill for +$11,000 for the year. Outrageous. I’m assuming the insurance companies want out so they raise the price for you to go somewhere else.
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