Higher insurance rates follow last year’s winter storms
BOSTON (AP) — Massachusetts residents are still getting hit by last year’s brutal winter.
The Boston Globe reports (http://bit.ly/1Z2qpyc ) that more homeowners are getting stuck with higher insurance bills following last year’s record-setting snowfall. Filings from the state Division of Insurance indicate that about a dozen home insurance companies are increasing average rates between 4 and 10 percent.
The moves follow increases by the state’s largest insurers — Mapfre USA Corp. and Safety Insurance Co.
State Sen. Michael Barrett says he isn’t surprised that other companies have followed suit. But he’s called on the insurance division to reconsider the increases granted to Mapfre and Safety.
Industry analysts say the rate hikes are needed following last year’s weather. Insurers paid more than $1 billion in claims in the state following last winter’s snowfall.
Information from: The Boston Globe, http://www.bostonglobe.com