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Hurricane Insurance More Expensive & Harder to Get

News KBMT
Bryan Rupp

Story Created: May 30, 2009 at 7:36 PM CST

Story Updated: May 30, 2009 at 7:36 PM CST

The official start of hurricane season is Monday, June 1, 2009 and it will arrive with many homeowners finding that insurance is either harder or more expensive to get.

According to the Insurance Information Institute, homeowners insurance premiums are up about three percent nationwide and probably more in some coastal areas where the potential for damage is greater.

Several factors are affecting premiums and coverage, including the $26 billion insurers paid out on catastrophic losses in 2008 and the impact of financial market turmoil on the companies earnings.

Changes in state regulations are also driving some premiums higher.

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