#shorts On 9/7/2023, during Senate hearing, experts who testified before the committee said that home insurance premiums are up an average of 26.4% nationwide over the past few months and by as much as 120% in some markets. Florida homeowners, who pay an average of $4,200, have higher premiums than Louisiana, whose consumers pay an average of $2,038. The national average is $1,331, according to the the R Street Institute, a policy think tank that describes itself as center-right politically. The question to slow the surprising increase in the cost of homeowners’ insurance, is it better state regulation and more federal involvement? Some advocates argued the Senate committee looking at the impact of climate change on property insurance premiums.

No, countered supporters of the insurers, the goal should be to ratchet back unnecessary regulation and make it harder for homeowners from suing companies when dissatisfied with how their claims were handled. At least five large U.S. property insurers have stopped taking new customers, telling regulators that extreme weather patterns is the reason. Companies in some regions are selling more expensive policies that cover less and have higher deductibles.

Heller testimony to Senate Banking committee, Sept. 7, 2023
In addition to more disasters, insurance companies are also having to pay about 50% more for reinsurance, the policies they buy to mitigate their own losses during a catastrophe. It’s an unregulated market, Heller said. In most states, including Louisiana, insurers are allowed to pass along to consumers the increased costs of reinsurance.

other clips of this published longer video is here: https://youtu.be/BmqyrDM9mPI
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