Will insurance rates go up because of hurricanes?




(FOX – Birmingham, Alabama)

Hurricanes Harvey and Irma left behind billions of dollars in damage and insurance claims. So what will this mean for premiums and will we see any premium increases as part of a trickle down effect here?

“None from the hurricane that I can see at all, nothing,” said Joe Fuller, owner of Stead and Fuller insurance agency.

Fuller said that while rates have gone up, some in general over the last few years, he doesn’t expect these latest round of storms will raise them any higher.

“Certainly the agencies have had to pay out losses in Florida, but it really won’t affect our rates because most rates are written in a geographical area,” he said.

If there has been any increase in premiums here in Alabama, Fuller says it’s been because of the damage we’ve had from our own severe weather.

“I’ll say we’re still having more damage claims from the hail storm back in April. We’ve had no claims reported from this weather event of last week,” he said.

As far as a rate hike from Irma and Harvey, Fuller doesn’t see it in terms of your home or car.  Insurance he says is state regulated, but for those living in states that were affected there might be an uptick.