B.C. Insurance Rates to be altered by Natural Disasters

Natural disasters – such as Hurricane Sandy and the earthquake that occurred last Saturday – have caused worries to rise on a global scale. Aside from the heightened feeling of fear that it has caused, the natural disasters could also very well cause insurance premiums to climb. That is actually going to be a problem even for homeowners that are actually many miles away.

B.C. homeowners might be in for a major surprise because of the repercussions of the natural disasters when it comes to insurance premiums and deductibles that are sure to go up. That’s even though the actual site of the hurricanes and other disasters are really thousand of miles from them.

A senior director at J.D. Power and Associates – a marketing information company that’s based in Toronto – Lubo Li, mentioned that “earthquake coverage increases after a major event.” He also mentioned instances of rate increases in terms of disaster coverage in the wake of Hurricane Katrina back in 2005 and the earthquake and tsunami that wreaked havoc on parts of Japan last year.

If you are interested to read the full article, you can go here.

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