One of the main problems has been re-insurance cost. Re-insurance is the insurance that carriers take out on themselves. If a carrier insures $500,000,000 in property, they don't have $500,000,000 in reserves for claims. So they insure themselves for the longshot that most of the homes are damaged simultaneously. Interest rates and inflation affect re-insurance. And losses. In 2022 in FL, there were carriers that used their re-insurance, and could not afford to stay in business afterward.

When states regulate carriers rate increases, some carriers are squeezed between a ceiling on rates they can charge, and no ceiling on their expenses. They either go out of business, or stop doing business in that area. This leads to less competition to the point the state can become the largest insurer.

Re-insurance contracts or "treaties" may be as short as months or as long as years. Some of the increases we see currently may be changes from years ago.

Interest rates affect reinsurance greatly. When re-insurance investors can get more return for less risk, they leave the reinsurance market until rates rise. And a 2% increase in interest rates can cause an 8% to 10% rise in re-insurance, depending on many additional variables. So it is not something that is just personal to you or your home. It is a cost of doing business that is being passed on to the consumer. We really need lower interest rates and lower inflation. I wish I had a workaround for that.

  Interest rates and inflation are an important component that seem to be left out of much of the mainstream media. Below is an article with partial information of other factors that is helpful to a point, but not complete.