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Nationwide
Property Casualty Insurance
Property and casualty insurance rates are skyrocketing across
the country and the. World businesses are feeling the ripple
effects of the massive property damage at New York City's
Ground Zero and the resulting shift in Nationwide Property
Casualty Insurance practices. Coupled with a sagging economy
and a dot-coin bust that hit US particularly hard, it's clear
that the days of competitive property insurance rates are
over--at least for awhile.
Nationwide Property Casualty Insurance rates in US have seen
modest 9 percent to 10 percent increases this year, while
carriers have bolted their prices at least 25 percent. And
nationwide, property insurance
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rates
are going up an average of 30 percent, according to industry
reports. While the homeowner insurance rate increases are
due mainly to claims and litigation as a result of water damage
that results in toxic molds in states like Texas and California,
the commercial increases have a direct tie to Sept. 11.
In concentrated urban areas such as San Francisco or Los Angeles,
Nationwide Property Casualty Insurance rates are higher than
average and certain forms of coverage are no longer available-such
as losses due to terrorist attacks. Fortunately, businesses
are not helpless against rate increases. While some increases
may be inevitable, companies can take preventative measures
to mitigate risk.
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