What's Up With Insurance in Connecticut

[Matt Johnson]

I've had multiple insurance companies discontinue landlord coverage recently in Connecticut--one last year, for a multifamily, and one this year for a single-family. The first was with Amguard, who said they were simply pulling out of the market, and then the more recent one with Progressive, who said they are no longer offering coverage in the area. This seems very strange to me. From speaking to some others in the market, it coincides with skyrocketing premiums. (My multifamily insurance is now 4x what it was two years ago, and I was just lucky to find any coverage at all.) I've been doing this for a long time and have never seen such a huge change of market so it has me wondering what is going on dynamically. New legislation or regulations I don't know about? Clue me in guys...