Maine Homeowners Rates Spike Upward

NU Online News Service, Jan. 8, 10:35 a.m. EST?Average premiums for homeowners insurance in Maine soared 30 percent between 2000 and 2003, according to a new report prepared by the Maine Bureau of Insurance.[@@]

The research, which was mandated by the governor and the state legislature, was undertaken in part because of consumer complaints of rising rates and declining coverage. It found that in the past three years, insurers raised rates and tightened standards to reduce their risk exposure, a trend that was broadly seen across the country.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.