OK. Time for a little lesson on Property and Casualty Insurance. I worked for such a company for many years before retiring.
Rates are not set by individual states - with exceptions. They are set by each individual state's insurance rules and regulations. And each state has its own rules. I don't remember which is which anymore (except for Texas -more later).
Each state may be different. That's how insurance companies as a whole avoid being considered a monopoly.
Some states are "File and Use". Each company can use its own premium and loss experience for setting its rates and the state has no input. Not many of those.
Some states are "Named Rate" where that particular state's insurance commission sets the max rate that can be charged. But if an individual company has a better loss ratio than the other companies, they can file for a lower rate. Generally allowed by the state.
Some states set the rates - period. Each insurance company's choices are "yes, we'll play" or " no, we won't". This is where Texas comes in. They're so big, that many companies, (mine included) figure that the average loss in a year will occur six months after the average annual premium is paid. And they make some money investing that premium for six months. I actually spoke to the guy there one year and he said "Yeah, those numbers do look wrong. Oh well."
One other exception is Florida. Because there's so much shoreline and an ever present hurricane risk, if a company chooses to play, they're randomly assigned so many sections of the shoreline, widely scattered, and may or may not choose to play. But if they want to insure inland areas, they must also take their share of the shoreline. Most companies take the risk because any hurricane is a crapshoot on where it hits or if it hits at all that year.
Retired and visiting as much of this beautiful country as I can.
