Insurance industry leaders say companies are shifting or pulling out of some states following disasters, fraud, policy issues, and growing climate risks.Herrera, 35, works in finance for a local bank. He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.
Herrera eventually found a policy with a small company in the state that charged him $4,930 annually — a 208% increase from what he paid in 2022.private insurance options would be this limited and the last resort insurer would be so expensive.Herrera’s insurance story is common in Louisiana and other places across the country at increasingly higher risk for extreme weather.in America, according to the National Oceanic and Atmospheric Administration.
In 2023, Neil Fernandes paid $1,700 a year for Farmers Insurance coverage for his home in Santa Clarita, California, where the 42-year-old software engineer lives with his wife and child.When he asked why, Farmers cited rising costs and increased fire hazards in the state. Fernandes said the fire hazards around his home haven’t changed and he lives a quarter mile from a fire station.Frustrated by the lack of choices, he switched to AAA home insurance for $2,880 a year.
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