Hurricane aftermath impacts insurance
GRAND FORKS, ND (WDAZ)--Could your insurance go up because of natural disasters?
Matt spoke with an insurance agent about how hurricanes Harvey and Irma may impact your wallet.
While we didn't take a direct hit from either storm, we will have to pay a little extra when it comes to insurance.
It's not necessarily because the insurance industry may have to shell out 100 billion dollars in claims.
Companies tend to zone their rates, so people in areas prone to hurricanes can expect a hike.
Locally, we may see a slight increase in a few years in premiums - as eventually the giant companies pool their money.
But with a lot of rebuilding to do down south - that will make new construction in the area a bit pricier.
“An increase in building costs, such as your 2x4s, sheet rock, the cost of building a home, repairing a home go up so we see the values go up, we see the premiums increase to take care of the higher dollar, so it’s kind of a trickledown effect ,” said Vaaler insurance agent, Chad Lindgren.