I don't know about LZ1 but the latest I heard on LZ2 is that with the largest insurer pulling out of the state we're pretty much left with Atlas who will insure a modest home for about $500/month. They also limit their coverage to $450k so it's problematic for people who want a mortgage above that amount.
To say that the banking and insurance industries are intertwined doesn't sufficiently describe how interrelated they are in the economy. The current interest rate environment is straining the banks and the insurance industry with it. People have already forgotten about the bank failures earlier this year and that more are possible. They are trying to shed risk wherever they can.
So where is this heading? One of the big drivers towards having a permitted residence was the ease at which one could insure it. We're already hearing, if I can't get or afford insurance, why spend more on a permitted home?
To say that the banking and insurance industries are intertwined doesn't sufficiently describe how interrelated they are in the economy. The current interest rate environment is straining the banks and the insurance industry with it. People have already forgotten about the bank failures earlier this year and that more are possible. They are trying to shed risk wherever they can.
So where is this heading? One of the big drivers towards having a permitted residence was the ease at which one could insure it. We're already hearing, if I can't get or afford insurance, why spend more on a permitted home?