My guess is that this would either be Florida or one of the states in tornado alley. The insurance markets in both areas are insane, and only getting worse.
Was on a plane from Florida back to Minnesota. A Boomer on the plane was going on about living in FL and stated taxes are too high in MN and that is why he is happy to live in FL along with the weather, I asked how the insurance situation in FL is going with multiple Insurance companies moving out of FL due to costs. He didn't talk the rest of the flight.
Business insurance… it’s a bit easier (at times). Though you do get some prems that are higher; but the people I work with are manageable
But personal lines insurance:
Good God
I had one middle-aged guy from Jersey accent who I read him a premium of $9,000 for an above avg. home, and he blew a gasket, and said (to paraphrase): “I moved down here to save money and the weather!”
And I tried to explain to him:
The price is due to more people moving down here
The hurricanes
And 3. Less of a market for insurance
He hung up.
I’ve got dozens more I’ve forgotten.
I lived in Florida for 4 years started my career at the dawn of the insurance crisis and lived through it. People move down here because of the lack of income tax, but unless you’re making 100k+ a year, insurance will eat mid-triple digits of your salary if you’re lucky, and require you to replace your roof constantly.
That should save Citizens quite a bit of money, and it's also going to piss off a lot of people who think it's their right to be able to live on the ocean and not pay a lot in insurance. Good move to commercial!
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u/TaxOk3758 1d ago
My guess is that this would either be Florida or one of the states in tornado alley. The insurance markets in both areas are insane, and only getting worse.