Snow­bird in­surance likely to climb

Winnipeg Sun - - NEWS - — The Cana­dian Press

MON­TREAL — Cana­dian snow­birds lucky enough to es­cape prop­erty dam­age from hur­ri­cane Irma will still face higher costs as in­surance providers jack up pre­mi­ums and condo as­so­ci­a­tions levy spe­cial as­sess­ments, say Florida in­surance ex­perts.

“We’re prob­a­bly look­ing at across-the-board 15%20% in­crease in prop­erty in­surance costs over the next year,” says Brad Hub­bard, Tampa owner of an in­surance agency and an en­gi­neer­ing con­sult­ing firm spe­cial­iz­ing in flood risk.

Hub­bard said the higher pre­mi­ums could come from greater in­surance losses and rein­sur­ance com­pa­nies de­ter­min­ing there is a sta­tis­ti­cal in­crease in the risk that fu­ture storms will be more fre­quent and se­vere.

Hur­ri­cane Irma is ex­pected to be one of the most costly storms in his­tory with losses es­ti­mated at $20 bil­lion-$65 bil­lion US, in­clud­ing up to $50 bil­lion in the U.S., ac­cord­ing to risk mod­el­ling soft­ware com­pany AIR World­wide.

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