I live in Florida and a ton of people are moving here. Even so, there are a ton of property insurance companies pulling out of the state. It makes no sense to me.
In: Economics
Florida has been doing a great job at approving housing developments that never should have been built. They’re either on swamp land so the foundation cracks in a few years of construction or they are in areas affected by hurricane seasons or both. They made some laws to prevent insurance companies from denying claims but that just made it more expensive for insurance companies so they subsidize a lot of it. But now those subsidies are drying up so they need to increase rates to cover the difference.
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