#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.

Jerry Theodorou, who spent the past 15 years working as an analyst for the property and casualty insurance industry and now serves as policy director for insurance at the R Street Institute, added that what the public really needs is an education on how insurance works. “Yeah, they know how it works. It’s called write a check and then you have to sell blood plasma to go to the grocery store,” said U.S. Sen. John N. Kennedy, who had quizzed the experts on what they thought Congress should do about skyrocketing home insurance premiums. The Madisonville Republican is a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

other clips of this published longer video is here: https://youtu.be/BmqyrDM9mPI
lower insurance by education? Write a check, Biden high inflation! Kennedy questions Theodorou