Last year many companies selling homeowners insurance in Georgia asked for and received rate increases from the state. Now those price hikes are showing up on people’s bills.
The Georgia office of the Insurance and Safety Fire Commissioner approved the increases after reviewing years of data from the companies on revenue, costs and projected profits. Some companies increased rates by more than twenty percent.
David Colmans is with the Georgia Insurance Information Service, an industry trade group. He says insurance fraud and weather figure heavily in costs.
“It’s been year after year after year of various tornadoes and wind damage and lightening and all of these things put together.”
Colmans says storm damage from last year does not figure into the hikes. The impact of those events could come years from now.