Could a monopoly is this day and age exist in the home insurance industry?
I recently went home insurance shopping for a home I purchased under market value. The 1,900 square foot home cost me $100,000. and I wanted to insure it for $120,000.
I got quotes from 5 different companies and none of them would insure for less than $161,000., even though I was willing to accept a $120,000. is case of a total loss.
The strange part of this exercise is that all the companies value the house at $161,000. and none would write a policy for less. Does this reek of collusion?