Hurricane insurance rates increase in Florida regardless of the lack of storms

Florida hurricane insurance rates

Many residents of the state are wondering why they’re paying more when it has been many years since the last catastrophe. Florida hurricane insurance rates have been on the rise and while that may not have drawn much attention at one time, many residents of the state are wondering why they should have to pay more when it has been more than a decade since the damage left behind by Hurricane Wilma. When Hurricane Wilma smashed through South Florida, devastation worth billions was left in its wake. However, despite the…

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Florida homeowners insurance expensive despite decade without a hurricane

Florida Homeowners Insurance

The season for these major storms has now come to a close but rates still aren’t dropping. The official close to the hurricane season was on Monday, but even though there hasn’t been one that has struck Florida in ten years, homeowners insurance rates remain high and many are wondering why they aren’t falling due to the improvements in natural disaster damage. Insurance companies have stated that the reason doesn’t have to do with storm frequency as much as building cost. The price of building materials has been rising very…

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Homeowners insurance rate increases blamed on climate change

Climate Change homeowners insurance industry

The CEO of Travelers has said that severe weather patterns are the reason prices are rising. According to Jay Fishman, the CEO and chairman for The Travelers Cos. – one of the largest insurance companies in the country – has stated that the reason that the premiums for homeowners insurance have been steadily rising over the last three years has to do with the more extreme weather patterns that are the result of climate change. Insurers have come to accept that the weather is different now than it had once…

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Hawaii’s hurricane fund in jeopardy of being drained

Hawaii may lose their state hurricane fund in an attempt to balance a 232 million dollar deficit. The fiscal year ends in three months and state officials are scrambling to find a way to balance the budget.  One approach that is being considered is to use part of, or all, of the 117 million dollars sitting in the hurricane relief fund. The state fund was started after the 1992 disaster from hurricane Iniki, which caused most insurers to stop writing policy coverage for hurricanes and related damage.  It took 10…

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