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Friday, January 6, 2012

Cost of Homeowners Insurance May Soon Be on the Rise

Homeowners insurance premiums are starting to rise after tornadoes, hail, winds and lightning slammed U.S. insurance companies' balance sheets throughout 2011. Storms along the East Coast, tornadoes in the Southeast and in Joplin, Mo., and earthquakes in Japan and New Zealand wreaked havoc on insurance company finances, especially firms that might have too many policyholders in certain geographic areas, says Bob Skow, CEO of the Independent Insurance Agents of Iowa. The numbers aren't in yet, since renewals don't all happen at one time, but Robert Hartwig, president of the Insurance Information Institute, says customers are starting to feel the cost of years of heavy losses, particularly in the Southeast and Midwest. "We've had record losses for four straight years," he said. "My sense is that premiums will probably...


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