Earthquake-insurance prices soar in Washington, and companies hold all the power

[TreasonousBastard]

2. Before making out State Farm as the bad guy...

understand that often US insurers are beholden to their London reinsurers who set the rates and conditions. These rates were set every three years, so underwriters had to eat claims for two years before they could try to get their money back.

Catastrophe coverages were getting expensive when I was in the business years ago, and no doubt are getting worse. The amount of physical damage, and the values involved, are getting enormous and there may not be enough cash on the planet to pay for a big one.