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The next big hurricane will hit coastal state governments hard.(FINANCIAL SERVICES)
Kiplinger Letter, The, July, 2007
The next big hurricane will hit coastal state governments hard.
That's because they've taken on far more risk, selling insurance to thousands of property owners who can't get it from private firms. Several big companies, including Allstate and State Farm, now refuse to insure buildings in many high-risk, hurricane-prone coastal areas.
The fallout is twofold: Property owners must pay higher premiums than they did to private firms...even double what they used to pay.
Plus a taxpayer-funded bailout is likely if a big storm hits. Why? The states haven't had enough time to build up their reserves.
Florida is most at risk...it insures about 17% of the market.
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