Hurricanes Raise Insurance Premiums
Fallen trees, flooded homes and cars, these are the devastation of a Hurricane to those who got spared by Sandy you're still be affected by it as premiums may rise and coverage could be slashed for homes in affected areas insurance agents said.
"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.
The average homeowner insurance premiums this year is $1,004. Insurers cite several reasons for the spike, including losses from claims filed in previous years and low returns on their investments.
Homeowners can still avoid high insurance premiums by increasing their deductible. However, they'll have to pay more out of pocket when they file a claim in the future.
Damage from Sandy? Report your claim immediately
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