Coastal property coverage: Where is it going, will it be available, how much will it cost, and who will write it? These are the major challenges facing insurers and consumers as the state prepares for the 2006 hurricane season.
Insurers are faced with how to provide ongoing aggregate coverage in coastal areas after two very active storm seasons, which saw eight major hurricanes cause extensive damage in the state. As a result, the coming storm season will see a far different reinsurance market than 2004 and the trickle down effect of higher rates will certainly be felt in early 2006. Some companies have already implemented moderate rate increases and no doubt property rates in high-risk coastal areas will continue to increase and there will be changes in current underwriting guidelines.
Therefore, companies are going to place an emphasis on several areas, including the following:
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