Insurance rates for Cape Cod, Mass., homeowners will not increase as drastically as feared, but hikes will be larger than normal because the market is dominated by small domestic companies fearful of too much exposure, an official said today.
Kevin Beagan, director of the Massachusetts Insurance Department's State Rating Bureau, said the increases will be on the "40-to-50 percent level."
While there have been reports of rates that are going up by as much as 200 percent in the next year, Mr. Beagan said his office has "not seen rises that high," though over a five-year period a 200 percent increase is likely. The highest increase will be Vesta Insurance (their first increase in 9 years) which is expected to increase between 70- and 80 percent, he said.
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