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Disasters bring hefty premium boosts for homeowners

Disasters bring hefty premium boosts for homeowners

Disasters bring hefty premium boosts for homeowners
News from Des Moines Register:

Tornadoes and other storms slammed U.S. insurance companies throughout 2011, and homeowners’ premiums are starting to rise as a result.

Many Iowans are seeing double-digit increases, and a few will pay premiums more than 20 percent higher when it’s time to renew their policies.

Why are homeowners in regions unaffected by the disasters facing higher rates? Insurers are charging more in order to pay for higher loss projections and the rising cost of reinsurance, which is insurance on their insurance.

“Everybody got clobbered,� said Bob Skow, CEO of the Independent Insurance Agents of Iowa. “Even if you had a carrier who was lucky enough not to experience high loss ratios, they’re looking at higher rates on their reinsurance.�

Storms along the East Coast, tornadoes in the Southeast and in Joplin, Mo., and the earthquakes in Japan and New Zealand have wreaked havoc on insurance company balance sheets, exposed the fact that some companies m…………… continues on Des Moines Register

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