HOUSTON, Texas (KTRK) -- ABC13 IT specialist Jeff Hooge and his wife are on the hunt for new home insurers after getting a letter from Progressive in the mail on Monday
"They are canceling our insurance after our policy expires, and they won't renew it because we are in a hurricane zone," Hooge said.
'People are spending more money and probably getting less coverage and higher deductibles right now," Jansen said.
ReplyDeleteIt's not just in hurricane or 'hi risk zones' either. My insurance has doubled in the last four years and I've never filed a claim.
-lg
Starker here,
ReplyDeleteIn PA we're required to have auto insurance and home owner's if you have a mortgage. In the 80's Erie Ins was known to drop driver because they were higher than low risk, say under 30yo. When I bought my house in the mid 90's State Farm refused to even look at the house & said they wouldn't insure it. We had minor hurricane roof damage and another time a power outage we lost a full freezer. 2 claims, maybe $5K in 30 years.
I guess they know what they're doing, but I would think tornadoes are much more devastating than hurricanes. You might lose a roof in a hurricane, but I've seen these twisters level entire towns - more than once and in a bunch of states.
ReplyDeleteI think hurricanes have costlier damages overall just because they're so damned big and have long tracks, whereas tornadoes are usually less than a few hundred yards wide and have much shorter tracks, a few miles compared to hundreds of miles for a hurricane.
DeleteI think Wirecutter is mostly right.... Using Hurricane Katrina as an example, it damaged property in the central gulf coast states of Southeastern Louisiana, most all of Southern Mississippi and Alabama. Winds and storm surge literally destroyed homes and businesses for 200 miles east to west along the coast...
DeleteJD
Don't forget that a hurricane wiped out most of central and southern FL several years ago. Still, insurance companies have been aware of these risks at least a hundred years.
DeleteEvil Franklin
More millionaires build their mansions on Florida's beaches than on Oklahoma's plains.
ReplyDeleteInsurance companies: there for you until you need them.
ReplyDelete