I wish Florida had these limits on how high premiums can go. Many have seen 50 percent increases.
The risk must be covered.
Of course, you can always choose to not have insurance…
My CA homeowners coverage went from $1,800 yr. to a little over $5,000 in 2024. Car insurance doubled, also, in 2024. I’m 63, have owned my own home since I was 27, and have been driving since 16. I have never made a claim on either policy. I generally obey the law, pay my taxes (the highest in the nation), support various charities, and volunteer in my community. Kinda feeling as if my good nature has been taken advantage of, which makes me a little cranky.
Foolish move, to let gov’mt place caps on private enterprise. Only commie trash go that route.
The problem in CaCaLand is because of gov’mt interference. They mandate that everyone must be offered insurance, even some TWOT who builds in a fire zone. So, my rates go up ‘cause of that moron.
Also, gov’mt controls rates instead of letting the market. CaCaLand gov’mt forbids companies outside the state making offers.
It goes on and on. They did the same crappola on earthquake insurance.
“I wish Florida had these limits on how high premiums can go.”
OR premium increases necessary to pay for higher payouts due to billions in hurricane damages could be denied, and then Florida would have zero insurance companies as the remaining ones flee the state, like they are doing in california right now ...