(08-19-2024, 01:20 PM)HURRICANE!!! Wrote: What does everyone think about auto insurance and home owners insurance going 2x or even 3x up in price over the past 4 years?  I assume everyone is ok with that since companies need to make profit by hitting all Florida residents for the hurricanes hitting the gulf coast .....  to me it just seems like we need to draw the line somewhere but I really don't have the answers as I don't think there is really a definitive black and white solution.

Homeowner's insurance is tightly regulated.  All rate and policy changes are reviewed by a regulator and there is a public option competing with the for-profit providers.
Jason Garcia has been all over reporting the good and bad of the situation.  One thing he reported a few years back was that the private insurers were all required to get a certain minimum amount of reinsurance, regardless of if they were a big or small insurer.  And for whatever reason at the time, state farm was the only game in town for that dollar value and rating of reinsurance.  The effect was that even though customers thought there were choices, all of the choices they did see were basically state farm at the end of the day.  It's an example of how minor tweaks to well intentioned regulations can screw over the little guy in favor of the guys with more lobbyists.
On the other hand, auto insurance is loosely regulated.

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