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Hurricane Katrina News

Coastal Properties Difficult to Insure

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At a glance:

Many insurance companies are canceling or refusing to sell policies to homeowners all along the Atlantic and Gulf Coasts of the United States. 
 
In Florida, more than a half million homeowners policies are in jeopardy, while in Mississippi, premiums are expected to rise by 400%. 
 
A combination of recent and forecast hurricane activity and increased coastal development has created a situation of increased risk that the companies are reluctant to assume; as people turn to state insurers, those programs are being stretched dangerously thin. 
 

Insurers canceling coastal policies

Jackson Clarion Ledger - 4/26/2006 6:12 AM

With the 2006 hurricane season starting in just five weeks, many home insurers from Texas to Florida to New York are canceling policies along the coast or refusing to sell new ones out of fear of another catastrophic storm.
 
In the widest insurance retreat from coastal property since Hurricane Andrew slammed Florida in 1992, insurers as far north as Long Island, N.Y., and Cape Cod, Mass., are shedding coastal homeowners policies to reduce their exposure.
 
· Read The Full Hurricane Katrina Article From Jackson Clarion Ledger -->

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