“With catastrophe costs at historically high levels and reconstruction costs continuing to climb, we implemented a pause on writing new homeowners policies to more effectively manage our risk exposure,” Friedlander said.
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This is happening all over the country with multiple companies.
I have no firsthand knowledge but it seems over the last couple decades the old insurance companies have been killed by Geico and Progressive in the auto game. Then factor in the construction costs and bad storms for the homeowner’s insurance end and it’s no surprise they are struggling.
I was with Farmers for years but they just kept jacking my rates at every renewal and I’d have to call my agent and get them put back to normal. I finally got sick of the games and went to Progressive and saved a ton.