How will rate increases affect water damage claims in the tri-county area?
In response to the rising costs of water damage claims to insurers, state regulators approved rate increases on homeowners insurance. According to state records, one leading insurer, Federated National Insurance, was granted a statewide increase of 5.5 percent which affected over 54,000 policies. In addition, Tower Hill was granted a 13.1 percent and an 8.2 percent rate hike for their Select and Preferred lines, respectively.
