Quote:
Originally Posted by Rainger99
After Helene, I think our insurance rates are going to go up next year.
It is having a major impact on several states. I haven’t seen any damage estimate yet but it is going to be in the billions!
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Just wanted to clarify since I have heard this over and over. A disaster in another state will NOT directly affect your rates. Not saying there won't be increases in Florida, but it will not be based on what happened in NC. Every state has such diverse laws on how insurance companies must operate, that every major insurance company is essentially 50 separate insurance companies, one for every state. Each state has their own profit/loss that the parent company analyzes and adjusts rates accordingly. I worked in Florida and Colorado and had to constantly explain to clients that a hurricane in Georgia will not affect the rates in Colorado. Conversely, a major hailstorm in Colorado (the most common event), will not affect rates in neighboring states.