The article waste no time in dismissing "insurance companies are greedy": > Homeowners insurance profitability is extremely low, and in any given year the indu

The article waste no time in dismissing "insurance companies are greedy": > Homeowners insurance profitability is extremely low, and in any given year the industry is very likely to lose money. Between 1977 and 2022, US homeowners insurance profits were greater than 10% in only 5 years, and nationwide annual profits have never exceeded 15%. The average annual profitability for the industry is less than 1% (and depending on how you calculate it, it may actually be negative).3 In any given year, insurers lose money on homeowners insurance in about 1/3rd of the states. Which is not to say anything nice about homeowners insurance companies...other than "at least they haven't all shut down yet".