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pushing premiums higher as the industry factors in more catastrophic losses. we re in the middle of an insurance company insurrection in california. reporter: in may, state farm, all state and farmers capped or stopped selling homeowners coverage in california where five years of wildfires wiped out 20 years of profits. even the state which insures those who can t get it privately lost launched a 50% rate hike. every single county and tran sacks up and down sdmrooil three national insurers left the property market and several others stopped writing new policies. one reason? state regulators, they say, kept rates artificially low. we have all of this insurance that is kept at least for many folks living in harm s way, at artificially low premiums. reporter: another? the reinsurance market that protects companies from high claims are now refusing to underwrite that liability for
in the neighborhood. everybody had policies canceled and now must get their insurance through a state pool. i ve seen our choices shrink and the rates go up. from california to florida. the water was coming through the windows and doors and the walls even. insurance rates nationwide jumped 9% this year. floods and wildfire, hailstorms and hurricanes. i had just moved here from florida last year so i was this doesn t happen in new york. accelerating extreme weather. the uncertainty associated with climate change and the effects on losses is quite difficult to model. that uncertain teev is pushing premiums higher as the industry factors in more catastrophic losses. we re in the middle of an insurance company insurrection in california. in may state farm, allstate and farmers capped or stop selling homeowners coverage in
the windows, through the doors, through the walls, even. insurance rates nationwide jumped 9% this year according to underwriter insurance phi. floods and wildfire, hail storms and hurricanes. i had just moved here from florida last year. i m like this doesn t happen in new york. computer models show accelerating extreme weather. the uncertainty be on losses is quite difficult to model. that uncertainty is pushing premiums higher as the industry factors in more catastrophic losses. we re in the middle of an insurance company insurrection in california. in may, state farm, all-state and farmers capped or stopped selling homeowner s coverage in california where five years of wildfires wiped out 20 years of profits. even the state which insures those who can t get it privately lost a 50% rate hike.
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