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Hurricane-Prone Homeowners Rates Rising

People who own property in hurricane-prone areas are discovering that they are paying more for insurance. The Insurance information Institute, explains that last year insurers'...
June 8, 2004

People who own property in hurricane-prone areas are discovering that they are paying more for insurance. The Insurance information Institute, explains that last year insurers' catastrophe losses totaled $13 billion, the third-highest year on record. Rates are rising as more people flock to the coasts and insurers try to cut back on the billions of dollars of losses they have absorbed from previous storms. Delaware Insurance Commissioner Donna Lee Williams says rates in her state haven't skyrocketed, but have risen since Hurricane Floyd struck the region in 1999. Virginia Insurance Commissioner Alfred Gross says that homeowners should carefully review their existing insurance policies to make sure they understand exactly what is and what is not covered and how their deductibles work.

Hurricane Insurance Going Through the Roof (Delaware News-Journal 6/8/04)

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