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by seanharper
1017 days ago
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The issue in CA is idiosyncratic to the state. In 2020 the average price of homeowners insurance in CA was $1,241 and in Illinois was $1,144. It probably doesn't make sense for California to be only 8% more expensive than Illinois. https://www.iii.org/fact-statistic/facts-statistics-homeowne... Houses are more expensive in CA, building costs are more expensive in CA and the weather is more volatile (and becoming increasingly so) in CA. The rate level in CA needs to increase. The regulator in CA makes it difficult to raise rates, so companies are responding by reducing their appetite. |
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