A clear consensus exists among insurance executives and experts when it comes to the Property insurance market: Rates were on the rise before Superstorm Sandy, and there's certainly no reason the storm will stop that momentum.
“Rates had been on an upward trend,” says Robert Hartwig, president of the Insurance Information Institute. “Sandy will add to that pressure.”
Before Sandy struck the Northeast just prior to Halloween, rates in Homeowners' and Auto insurance were already increasing, due in part to the increasing cost of repairing homes and autos—and, in the case of Auto claims, the cost of repairing people.
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