Mayor describes sharp homeowner insurance increases and urges risk-pooling and regulatory changes

The speaker described what he called a ‘‘high, dysfunctional system’’ for insurance in urban areas and said his own homeowners premium has increased "by 400%" during his 33 years in his home. He argued that insurers sometimes drop long-time customers for minor issues and said that is contributing to instability for homeowners.

He proposed risk-pooling — assembling a city book of business and shopping it to carriers — and legislative changes to strengthen the statutory definition of an "excessive rate" and to remove the "file-and-use" practice that lets insurers put rates into effect immediately upon filing. He also suggested making the state insurance commissioner an elected position to increase accountability.

"We need file approval in use," he said on-air, criticizing the current process and calling for stronger oversight. The broadcast did not include cost estimates, statutory text proposals, or outside expert testimony.