Insurance rates could be impacted by destructive hurricane season

Insurance rates could be impacted by destructive hurricane season

WICHITA FALLS, TX - Following the deadly and destructive hurricanes of Harvey Irma and Maria, several U.S. states and territories not directly hit could still suffer.

Some worry that insurance rates could rise substantially higher in wake of the devastation left by what's been a busy hurricane season.

While many Texomans may not have been part of those hit by any of the storms motorists and homeowners here and across the country could possibly see their premiums rise as insurers pay out billions of dollars to cover properties destroyed and damaged.

The National Flood Insurance Program estimates that the U.S. insurance losses from the three most recent hurricanes could be as high as $100 billion.

With less capital and increased demand, it's not out of the realm of possibilities that insurers could be forced to raise their prices to cover massive losses.

While a company can't just raise prices on unimpacted areas because of disasters in other regions those companies can choose to write out less coverage in those unaffected areas.

Copyright 2017 KAUZ All Rights Reserved