Aug 04
Continued Damage from Katrina
Florida is undergoing a property insurance crisis as a result of the damage it has incurred from Katrina and recent years of increasing hurricane frequency. That’s probably to be expected; the insurance companies have been hammered by Andrew and Katrina and hurricane seasons that seem to grow in ferocity each year.
Insurance companies are retrenching and taking a much harder look at property and casualty policies in coastal areas. Too hard a look, in some cases. 83 year old Marie Collins got her cancellation letter from Allstate last week, because her home was deemed an unacceptable risk due to its proximity to the coast. Mrs. Collins lives in New York City.
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