Property Insurers Give Incentives for Storm Proofing
May 23rd, 2007 by
babygirl
Massachusetts’ property insurers are asking customers to absorb more risk or storm proof their homes.
Ten companies and the state’s insurer of last resort, the Massachusetts Fair Plan, have won or are seeking regulatory approval for higher deductibles that customers along the coast would pay if their homes are damaged by high winds or a hurricane.
These deductibles would be generally 2 percent to 5 percent of a home’s insured value, so that someone with a $400,000 home and a 5 percent deductible would be obligated to pay $20,000 before the insurance kicks in. Read more
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Posted in Housing, Real Estate in USA, Insurance, Insurance Rates |
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