As big-name homeowners insurance companies pack up and leave, customers are forced to pay higher premiums for the few insurance options that remain.
In California, there have been eight disaster events since 2020 that have caused between $20 billion and $50 billion in damages combined.
In Florida, 16 severe storms or hurricanes since 2020 have caused between $100 billion and $200 billion in damages. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly The retreat of household-name insurance companies is one reason homeowners in Florida and California are seeing eye-watering increases in premiums — raising fresh questions about whether the already oaring cost of living in these two states is sustainable for its residents.
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