Hurricanes prompt large interest rate increases for Home Insurance
- Back in the “good old days,” Larry Grasso paid $ 350 per year for the insurance industry in his home west of Boca Raton.
That was 13 years ago. In the last two years, Grasso, 57, a pensioner from New York, has its annual insurance premiums from Nationwide climb from 1200 to $ 2200 $ - nearly six times what he originally paid.
Raising deductibles in its policy and other moves helped its quota to $ 1800, but Grasso, live in a fixed income, is anxious. “I do not understand how they can away with me [an increase] over a period of two years ago, when I had no demands,” he said.
Since the insurance companies billions in lost after Hurricane Andrew in 1992 premiums to rise steadily to the state. Storm risk played a role in higher rates, but it did overturn capital gains when the stock market fell a few years ago.
Tennessee Assembly considers curbs on ‘client billing “by the doctors.
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