If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

For those who have lived in the Southeastern United States, problems getting and keeping homeowners insurance are routine. The severe impact of hurricanes in 2003 to 2005 cost the insurance companies billions and they essentially bailed out of covering anyone in these regions leaving insurance to public funds or smaller companies at very high rates.

But now the big insurance companies are cancelling policies in the Northeast because of hurricane risks and people are getting steamed.

Public officials in Southern states from Florida to Texas have been fighting insurance carriers for years over rising rates and withdrawal of services, but officials in the Northeast have only recently joined the fray.
Companies including Allstate, State Farm and Liberty Mutual have “nonrenewed” policies not only in hurricane-battered places like Florida and Louisiana, but in New York and other Northern states that have not seen hurricanes in years. Since last year, those three companies and others have turned down all new homeowners’ insurance business in New Jersey, Connecticut, Rhode Island, Maryland, Massachusetts and the eight downstate counties of New York. via the  New York Times.

Of course, the political clout of politicians in these states may start making things rough for the insurance companies. And the issue that has not been in the media much because it was only in the southern states is now starting to affect those major players in the media that live on the water in the Northeast.

Will this issue start being on the nightly news and the front page of the New York Times (oh wait, the quote was from the front page of the NY Times) when all of the multi million dollar homes in the Hamptons become uninsurable?

This will be interesting to watch.

Related posts:

1. Top 10 States With The Highest Home Insurance
2. California Insurance Commissioner Drops Allstates Homeowner Rates 28.5%
3. $400 Million Housing Plan For New York Proposed By Gov. Eliot Spitzer
4. NY Attorney General Settles With 2 Title Insurance Companies Over Kickbacks
5. High Insurance Costs Hurting Coastal Real Estate Sales