October 26, 2011
By: Bruce Berry
While many residents across parts of the southeast are still looking to get back to normal following the series of tornadoes which swept through the region this year, experts say a number of them are likely to see higher homeowners insurance rates in the near future.
Multiple insurance companies have already announced that they plan to increase their rates in parts of Alabama and other states, the Chattanooga Times Free Press reports. The moves were anticipated by many experts.
"We know we're seeing Georgia homeowners' insurance rates are going up," Jim Winsett, president and CEO of the Chattanooga Better Business Bureau, told the paper. "There have been so many disasters throughout the U.S. that your major insurance companies are financially challenged to meet their obligations."
Officials told the paper that some consumer complaints regarding insurance companies have been filed. However, they added that the volume of complaints is relatively limited compared to the thousands of home insurance claims filed following the powerful storms.
This April's tornadoes have resulted in heavy costs for insurance companies. The modeling firm Eqecat projected the April storms were the most expensive tornado incidents ever in the U.S.
Related Home Insurance Articles:
- NOAA predicts near-normal Eastern Pacific hurricane season May 25, 2012
- Safety officials call attention to home sprinkler system regulations May 24, 2012
- Thousands of St. Louis insurance claims cite recent hail damage May 22, 2012
- Tropical Storm Alberto changes course away from Carolinas May 21, 2012
- California tops the nation in dog bite claims May 17, 2012
