Loading ...Homeowners Hit by Helene Are in for an Insurance Claim Shock – WSJ
Harsher policy terms mean damages might not be covered
Property insurers in recent years have hollowed out coverage and sharply increased rates to make up for steep underwriting losses driven by natural disasters. Owners of homes and businesses slammed by Helene could be in for a nasty shock when they check the small print of their policies. “Insurers have become significantly tougher on hurricane claims,” said Rick Tutwiler, a claims adjuster for property owners based in Tampa, Fla. “We’ve moved to an era dominated by exclusions, diminishing coverages, and even harsher policy terms.”
Much of the shortfall is because typical home insurance policies don’t cover flooding, and most people don’t have separate flood insurance. Another reason is an increase in coverage restrictions.