October 29, 2006
Tide Of Insurance Swallowing Homeowners
-- By Priya Jestin, Staff Writer
I’ve always dreamt of owning a home near a lake, river or the sea. Actually, all I want is to wake up to the soothing sound of water and birds. As I discovered to my dismay recently, my home along the water may only remain a dream. And it’s not only the price of this prime property that is the problem. An even bigger problem is unaffordable homeowners' insurance.
Many people who live in such beautiful areas are learning this fact the difficult way. Insurance companies are taking dramatic measures to protect their industry. And who has to bear the brunt of this protection? Us consumers of course! So you can have your home along the water, as long as you have enough moolah stashed away to satisfy all the whims and fancies of insurers.
In Connecticut, Andover Insurance has informed about 2,000 customers that they must install storm shutters to keep their homeowner policies. The rule applies to properties three-quarters of a mile or closer to Long Island Sound or a major river. Similar mass non-renewal notices have gone out to homeowners in Provincetown, Mass. and elsewhere.
I know all these measures are for our protection, and they do help us. But at what cost? And are the insurance agencies right in denying cover just because we cannot afford a few of their recommendations? I don't think so. What about you?
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