Potential Insurance Rate Increases

Dated: 09/30/2017

Views: 54

The recent extreme weather events in Texas and Florida could cause an increase in home and auto insurance rates in the two states in particular, according to a recent article in USA Today. Citing previous history in weather related events in other states, USA Today noted the following:

"It's too early to know how much Harvey and Irma could raise rates. But an analysis of average insurance premiums in states hit by some of the costliest hurricanes in U.S. history shows what could happen. For example:

  • New Jersey homeowner: $926 in 2011, the year before Hurricane Sandy. $1,068 in 2013, the year after.

  • New York motorist: $1,108.64 in 2011. $1,181.86 in 2013.

  • Mississippi homeowner: $860.66 in 2004, the year before Hurricane Katrina. $969 in 2006, the year after"

It will be interesting to see how the scenario plays out in the months and years ahead.

Joey Nichols

Joey Nichols is a native West Texan who joined McDougal Realtors in January, 2017. He began his real estate career in July, 2013 after over 30 years as a teacher, coach, principal and superintendent i....

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