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Ask this question again once their renewals come up. In LA, we had Laura, Delta, Zeta & Ida. All within about a year. Prior to this my homeowners was around $3200 and flood around $900. In 2022, my insurance was around $5500/year. UPC went bankrupt at the end of the year which was after all the other companies had pulled out. Result, force placed with Citizens at around $9k/year. Was able to maneuver to get it around $7500/year. This is NOT including flood which is around $1200 or property taxes. A few companies came in and we are back down to around $5400.
Currently, people are trying to buy homes and the note they can afford. Once insurance gets factored in people are walking away from the deals.
The next issue, is getting insurers to pay. We know people who are fighting insurance and don’t have complete repairs from Ida 8/2021. Attorneys have had to get involved and don’t even get me started on that. We will never file a claim again unless we have significant damage. It isn’t worth it and they nail your ass on the back end.
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