Monday, December 6, 2010
Hail and wind storms are forcing insurance companies to raise homeowners insurance rates.
You might think the increase is from the September 15th hail storm that hit the Wichita area, but the State Insurance Commissioner says it's all the storms the area has seen in the last 5-10 years that are causing the rate increase.
Combine that with the rising costs of roofing supplies, and insurance companies say they have to pass it on to the consumer.
Everett Harden lost his roof in September, now, he's just waiting for his homeowners insurance to jump. "It's like everything else, they have a lot of cost and need but they take advantage of a situation," said Harden.
The State Insurance Commissioner's office says insurance companies can raise or lower rates by up to 12 percent without the commissioners approval. A spokesman says it takes at least two years for a storm to affect rates.