Price of insurance is expected to increase
Owners of homes are not only likely to increase in insurance premiums in south-east. Driver is without doubt the rising price of auto insurance because insurers face up to $ 1 billion of losses for cars damaged by Hurricane Katrina.
Owners property in the affected areas of Louisiana, Mississippi and Alabama have to wait to see, insurance increases by 10% to 30%, said Donald Light, senior analyst at Celent. Prices for auto insurance could increase by 5% to 10%.
The assurance of the economy could be on the hook for a maximum of $ 26 billion in damage to homes, businesses and cars, according to a revised estimate of the Institute of Information insurance. Read more revised estimates, given that the scope of Katrina’s devastation is clear.
In the four hurricanes that South-Hit in the last year, about 4% of $ 23 billion in losses have been damaged by vehicles. “It looks like a small percentage, but you are talking about hundreds of millions of dollars have been added that there”, said Bob Hartwig, chief economist of the Institute. The function of automatic adjustment of harm should be similar to Katrina, “he says.
In general, insurance does not cover damage to homes flood. Owners will house government issued flood insurance. But vehicles are covered for flood damage, an extensive insurance coverage.
“There are tens of thousands of cars with flood damage,” says Tom Larsen, Senior Vice President of Eqecat, a risk modeling firms in Oakland. “They have fleets where people are not on the recovery of company cars.”
Larsen said one of the problems when estimating losses auto “is that cars move.
A sort of insurance for the loss - the loss of business - to grow month. The longer the owners and holders of companies to stay away from the surface removed, most claims are for business interruption insurance, Hartwig said.
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