Property insurance faces big changes in 2023, says insurance broker

“The fires and storms made 2022 one of the most costly years for the insurance industrywhich led to the bankruptcy of several companies throughout the country”, says Carlos Susman (opens in a new tab), a Los Angeles-based insurance broker. “Unlike ‘what happens in Vegas stays in Vegas,’ when it comes to homeowners insurance, what happens anywhere in the country has the potential to affect the rates we all pay for coverage” .

A longtime friend of this column, Susman has been an insurance broker for more than 30 years, has an MBA from Columbia University, and serves as an expert witness in lawsuits involving coverage issues and agent negligence. .

Increase in rates and reduction of some important coverages

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