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Author: rogermunibond   😊 😞
Number: of 15056 
Subject: Home insurers record loss
Date: 07/29/2024 9:29 AM
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https://www.ft.com/content/09a37793-7bea-4c90-a47f...

US home insurers last year suffered their worst underwriting loss this century as a toxic mix of natural disasters, inflation and population growth in at-risk areas put a vital financial market under acute pressure.

Insurers providing policies to homeowners suffered a $15.2bn net underwriting loss last year, according to figures from rating agency AM Best, a figure it said was the worst since at least 2000 and more than double the previous year’s losses.
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Author: rogermunibond   😊 😞
Number: of 15056 
Subject: Re: Home insurers record loss
Date: 07/29/2024 9:42 AM
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APCIA report findings that the FT article mentions.

https://www.apci.org/attachment/static/9900/
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Author: mungofitch ✹🐝🐝🐝🐝 SILVER
SHREWD   😊 😞
Number: of 15056 
Subject: Re: Home insurers record loss
Date: 07/29/2024 10:50 AM
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Tidbits from random web sites, not vetted for accuracy

Berkshire GUARD homeowners insurance is available in 23 states. They often insure where it's sometimes difficult to get coverage, as in California.
But the good news for us--coverage costs an average of $2400 more than from the competition.

I trust the insurance unit to price things for a profit on average.

Jim
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Author: Uwharrie ✸⎊  😊 😞
Number: of 15056 
Subject: Re: Home insurers record loss
Date: 07/29/2024 10:59 AM
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We have friends with beach homes in NC and SC. Their beach home property insurance has increased 200% to nearly 300% in the past 18 months. I seem to recall reading about the cessation of the Federal flooding insurance backstop program. Those with vacation homes a distance from the beech are seeing 60 to 80% increases. Additionally, some are having to scramble to arrange insurance coverage as carriers leave the market.

It sure sounds like we are now in an era of favorable insurance for Berkshire.
Uwharrie
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Author: longtimebrk ⎊  😊 😞
Number: of 15056 
Subject: Re: Home insurers record loss
Date: 07/29/2024 11:55 AM
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“ I seem to recall reading about the cessation of the Federal flooding insurance backstop program.

The FEMA flood insurance program is alive and well. Coverage is limited to $250k. Premiums are dirt cheap

I have a few waterfront homes with a new build finishing in January. The real issue is wind coverage which is wildly expensive. My house is built to the highest hurricane standard and elevated. Will self insure as most I know are doing for wind.
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