Coastal homeowners stagger under insurance costs

(AP) – From Cape Cod to the southern tip of Texas, rates for homeowner coverage have risen sharply since 2003, pinching homeowners financially, forcing them to take greater risk by accepting higher deductibles and sparking outrage as insurance companies report profits higher in many coastal states than inland.

Nationwide, the cost of homeowners insurance rose 36 percent from 2003 to 2010 – almost double the rate of inflation. Of the 15 states where rates increased by the largest percentages in that time, 14 border the Gulf of Mexico or the Atlantic Ocean, according to an analysis of National Association of Insurance Commissioners figures by The Associated Press. All those states saw rates go up at least 44 percent. Rates in Florida rose 91 percent, most in the nation, while rates in Rhode Island went up 62 percent and Louisiana is sitting at third on the list with a 58.6 percent increase.

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Posted by on Jun 1 2013. Filed under News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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