For years, regulatory constraints in states like California and Florida effectively shifted some insurance costs onto other states with less regulation. One example is Enid, Oklahoma, a small town that ranks among the most expensive places in the U.S. to insure a home relative to property values. Unlike New Orleans, which sits below sea level, or Riverside County, California—where wildfire losses are projected to reach $319 million this year—Enid does not face extreme disaster risks. Yet, it shoulders disproportionately high premiums.