Insurers are pulling out of big states, and extreme weather and climate change is factoring into the decisions.
From wildfires and hurricanes to flooding and more, Americans are feeling mother nature's wrath on their homes, cars and lives. And as disaster strikes more Americans, insurance isn't always there to help.
While each state has unique problems facing their insurance industries, the common obstacle across the country has been the cost of payouts from insurance companies after catastrophic weather events. In Louisiana, more than 20 companies have shut down or left the state. The last resort insurer, which is state-owned and taxpayer-funded, is required by law to be more expensive than private insurers. The average premium for home insurance is over $2,000 a year, which is 46% higher than the national average.
There are also other reasons for the soaring premiums and insurance exodus that aren't related to extreme weather risks. Some insurers have also cited inflation, rising costs of construction and regulations lowering premium prices as reasons for leaving states.
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