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How hurricanes raise insurance premiums

How hurricanes raise insurance premiums

How hurricanes raise insurance premiums
News from MarketWatch:

By AnnaMaria Andriotis

Reuters

A padlock holds an entrance gate closed to block vehicle access to the beach in Daytona Beach, Florida, as Hurricane Sandy passes offshore October 26, 2012.

First comes the storm, then — all too often — the higher insurance premiums.

When Hurricane Sandy makes landfall this weekend it could cause as much as $ 1 billion in damage along the eastern seaboard, by some estimates. The result could be widespread damage to homes, including fallen trees, torn-off roofs and broken windows. And even homeowners spared the worst of the storm might not get off entirely scot free: Insurance agents say premiums may rise and coverage could be slashed for homes in affected areas, whether or not they file claims. “Even if you haven’t been hit, [that] doesn’t mean some of your neighbors haven’t been adversely impacted by the storm — and that could impact you,” says Michael Barry, a spokesman for the Insurance Information Institute, which represents home insurers.

Homeowner insurance premiums have been on the rise for years. They average $ 1,004 this year, up 5% from a year ago and up 22% since 2007, according to the Insurance Information Institute. Th…………… continues on MarketWatch

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