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State deputy insurance commissioner briefs committee on rising homeowners insurance costs and reinsurance pressures
Summary
Frank Cote, deputy insurance commissioner, told the House Natural Resources Committee that Montana's homeowners insurance market has lost carriers and seen rising nonrenewals and cancellations; he cited replacement-cost inflation, extreme events and a tighter reinsurance market as drivers and offered consumer guidance.
Frank Cote, deputy insurance commissioner in the State Auditor's (insurance) office, briefed the House Natural Resources Committee on trends in homeowners insurance and how wildfire and catastrophic models affect availability and rates.
Cote said about 70 carriers offered homeowners insurance in Montana in 2023 and that the number of carriers selling homeowners policies dropped by roughly 8% from 2018 to 2023. He said Montana had roughly 408,000 homeowners policies in 2023 and that insurer-initiated nonrenewals and cancellations rose during that period…
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