Homeowners Insurance Pulling Out of 9 States Due to Climate Change Impacts
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American National Group plans to stop offering homeowners insurance in 9 states due to declining profitability from increased weather events.
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The 9 states are Arkansas, California, Colorado, Louisiana, Minnesota, Oklahoma, South Carolina, South Dakota, and Washington.
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Other major insurers like Allstate and State Farm have also pulled out of some states for similar reasons.
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Homeowners insurance rates increased over 21% last year and are expected to continue rising due to climate change impacts.
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Insurers are raising premiums and becoming more selective about who they insure to offset rising claims from severe weather events.