Despite the destruction and death caused by Hurricane Irene, the disaster generally wasn’t as awful as advertised. But even if the storm didn’t harm you directly, it still just may mess with you by spurring insurance companies to hike their rates.
The Seattle Times reports insurance companies will maintain their profit margins by passing costs associated with Irene to customers. The way it works is that even insurance companies are insured, by reinsurance companies that are expected to raise their rates in January. This is after homeowner and auto polices have increased an average of 5 percent more than last year.
For most Americans, Irene means insurance rate hikes [The Seattle Times]