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Cape's home insurance rates to rise 30%

04/03/06 · 6:17 am :: posted by CCToday Link to Post Email to a Friend

Hurrican Bob 1991Global Warming may be the cause 

The recent wave of mega-hurricanes which pounding the gulf are predicted for New England over the next  decade. The threat has the major insurance companies scambling to adjust rates to cover their expected losses, and it is forcing them to raise the rates for home insurance on Cape Cod and other coastal, New England areas by up to 30%.

The prediction, offered by risk assessor Risk Management Solutions, is expected to ripple throughout the home insurance industry, as the perceived higher risk translates into higher costs for insurers and premiums for coastal homeowners, the Boston Globe reported in its Sunday edition.

The newspaper on right shows what Cape Cod looked like in September 1991 when Hurricane Bob hit.  

Read related stories here, and comment below. 

9 comments
Blog posts and comments are entirely the thoughts and ideas of the people who write them and in no way represent the views of CapeCodToday.com, eCape, Inc., or its employees or owners.

04/03/06 @ 11:16 am
Anonymous [Visitor] writes:
Peter,
What is your solution to this problem. We purchased a home in Dennis 3 years ago. There was no problem getting insurance then. One year later, we were told that our insurance would be terminated and we could not get any from anyone. So, since then we are on the FAIR plan. What can we do.... beyond this?
04/03/06 @ 11:46 am
Anonymous [Visitor] writes:
Peter,
I am the writer of the previous comment. I forgot to say that we are NOT on the beach. We are 2 miles from it in Dennis Village.
04/03/06 @ 3:31 pm
Anonymous [Visitor] writes:
Geeze....I am about 2 miles from water also....it is sad but this is one of the reasons I see my family & I will have to leave this beautiful place...we simply cannot afford to live here anymore!!!!!!
04/03/06 @ 3:44 pm
Anonymous [Visitor] writes:
This is great. A hurricane will destroy the cape and nobody will be able to afford to rebuild. The cape will be returned back to nature.
04/03/06 @ 4:54 pm
Anonymous [Visitor] writes:
There is no hope. Homeowners insurance will remain high due to idiots building homes in harms way. They are already building homes where Katrina knocked them down.

I think we need to have policy of a onetime payout. If you choose to rebuild near the ocean or in a flood plain you are on your own. The Feds have spent more money on projects to protect propery than the property is worth. Just look at all the money spent trying to control the Mississippi.

I am sick an tired of paying high insurance and Taxes to support people's homes built in stupid places. Get out of the flood plain and get a way from the ocean. This country has millions of square miles of land, you don't need to build in high risk areas.....
04/03/06 @ 6:14 pm
Quill Picker [Visitor] writes:
Hello,
After one year on the (UN)Fair Plan, I moved to a program offered by AARP to members through the Hartford. Information for those eligible is:
1-800-423-4114
We should consider changing the current no fault car insurance law that effectively keeps out larger homeowners ins. companies that will not write here without also the option of writing the more profitable car policies(not allowed by law in Mass). LOL.
04/04/06 @ 9:50 am
Quill Picker [Visitor] writes:
PP, then we should repeal the no fault auto on it's own lack of fairness. I'm tired of paying for Boston/Spfld/Worc etc. problems.
I thought the SJC ruled in the Chatham case was in regard to refusing a new building permit within a flood plain. Please advise
04/04/06 @ 5:09 pm
Anonymous [Visitor] writes:
Last Fall I called the Insurance Commission office and stated that the state of Mass should be able to say to a company either you insure everybody or no body. This is the only fair way to insure everyone. I was told they were working on it. Ha!!
05/07/06 @ 9:02 pm
ekzept [Visitor] writes:
well, y'know, insurance is a BUSINESS. just like the energy companies who can't afford to take development risks of alternative energy, because there's no profit in it, or insurance companies who are refusing to insure oil rigs, unless their risks are offset by GOVERNMENT PREPARATIONS AND ACTIONS, there's no reason for them to insure private homes at risk.

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