Home Insurance Guide

Two years ago Hurricane Katrina hit the United States and resulted in the devastation of New Orleans. Today, homeowners in New York are feeling the effects as homeowner insurance companies are becoming fearful of a similar event striking the Northeast. A NYT article discusses how insurers are opting to not renew policies, even with people who have had insurance for many many years. The Grays, who have had a policy for thirty years with Liberty Mutual Fire Insurance Company, were recently notified that their policy would not be renewed because ” ‘hurricane events over the past two years’ had forced the company to limit its exposure to further losses.” They live on Long Island, a scant 12 miles from the shore, and have never had any water damage as a result of natural causes. Luckily they were able to sign up for another policy with another company but at a higher cost.