ME - Could Maine be the next victim of insurance companies dropping coverage due to severe weather?
A wave of insurance companies stopped covering Floridians this summer, saying the risk-exposure of hurricanes has grown too great. In the wake of storms like Lee, Mainers are wondering if they’re next.
Terry asked the CBS13 I-Team:
“With rising housing costs and more climate events, could insurance companies soon ditch costal Mainers, like what’s happening in Florida?"
The CBS13 I-Team took Terry’s concern to the Maine Bureau of Insurance and asked them how the market is reacting to Lee’s arrival and departure.
Unlike Florida, the Maine Bureau of Insurance says Maine historically has some of the lowest homeowners’ premiums.
The bureau says data from the National Association of Insurance Commissioners shows for several years Maine has held the lowest average premiums in New England.
So, the bureau says ultimately other coastal states should be more worried about insurers dropping them.
For context, CBS13 meteorologists say the last hurricane to make landfall in Maine was Hurricane Gerda in 1969.
The latest hurricane watch was Irene in 2011 but turned tropical like Lee.
The bureau says unless hurricanes start heading our direction a lot more often, insurers aren't likely to drop coverage.
