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As this type of litigation continues to evolve, insurance companies are keeping close tabs on the situation.
"Profitability in the U.S. homeowners' insurance sector has been weak in recent years."
The nationwide average cost for renters insurance is $180 annually, or about $15 per month.
The Lone Star State also faced massive wildfires earlier this year after record-breaking losses in 2023.
Just four months into 2024, CoreLogic reports 1.75 million acres in the U.S. have been burned by wildfires.
Allstate is the first major insurer to hint at resuming business in the state.
Insurance technology news from ZestyAI, ICEYE, OneShield and more.
This period marks a turning point for commercial property coverage, with easing and increasingly flexible options available to buyers.
Join this complimentary webcast to discover how to supercharge carrier risk assessment across the hail belt.
The decision will affect 12,556 policies with premiums of $11.3 million.