Coastal Residents Plead for Affordable Insurance
If you want home or property insurance and live anywhere along the coastal cities from New York to Florida, you might have a difficult time acquiring coverage at the price you want – or any at all. Most East Coast cities bordering the Atlantic Ocean – as well as the Gulf Coast – have been battered over the years by tropical storms and major hurricanes, leaving home insurers traumatized after monster payouts. This sentiment doesn’t make things easy for anyone as this year’s hurricane season forges ahead with many months to go.
Homeowners might expect to pay as much as 3% more in insurance coverage than years past. This is due in part to the fact that insurers were forced to pay out $26 billion to cover catastrophic losses last year. They’re definitely not trying to shoulder these costs again without being prepared. This means, some customers may have to pay much more, especially if they’re located in at-risk areas, such asalong theEvergladesin Florida. What’s worse, some insurers are flat-out refusing to offer home insurance to customers if they’re vaguely certain their area isdeemed high risk.
It certainly doesn’t help that the financial market was hit so hard over the past year. Every home insurer is trying to hold on tight to whatever funds they have. And if they feel that a customer’s neighborhood is too close to a vulnerable levee, they might drop that customer rather than run the risk of certain payout.
The only leverage customers have at this point is that forecasts predict a less-active season than was expected last year. This may help some insurance companies lighten up, especially as the hurricane season continues incident free. Truly, only time will tell. In the meantime, coastal residents may have to shop around in hopes of finding an insurer that will take them on at a reasonable rate.
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