States Pick Up Some Wind and Flood Risk for Homeowners/Underwriters Rely on Sophisticated Risk Analysis Tools to Set Rates, Business and Industry Trends Analysis

Homeowner’s insurance underwriters in the U.S. have significantly restricted the extent to which they provide coverage.  This trend began as a result of huge losses suffered during the 1990s, due to disasters such as 1992’s Hurricane Andrew that caused $15.5 billion in damage to homes, businesses and vehicles.  It is also a result of vast homeowner policy claims for mold damage, particularly in southern states.  After hurricane Andrew, Florida legislators attempted to utilize innovative ways to maintain the availability of homeowner’s insurance policies.  Losses from Andrew were so immense that at least 11 underwriters in Florida decided to stop selling…

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