Kansas appears to be seeing the effects of tornadoes in June in its insurance rates and not even Dorothy’s red shoes can click this bad news away.
The Kansas Insurance Department says that since July 1, premiums for homeowners insurance have risen about 5.8 percent.
Also the Department says, automobile insurance premiums, not including coverage for motorcycles and recreational vehicles, have risen about 3.7 percent.
The Department estimates that June property and crop losses exceeded $396 million. Tornadoes in Chapman and Manhattan alone were blamed for $88 million in damage.
Spokesmen for American Family and State Farm say the storm losses are not solely to blame for the increases. Those losses will be absorbed over a period of years.
Was this article valuable?
Here are more articles you may enjoy.
US Supreme Court Rejects Trump’s Global Tariffs 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Viewpoint: Runoff Specialists Have Evolved Into Key Strategic Partners for Insurers 
Two-Thirds of Independent Agencies Plan to Increase AI Use This Year, Survey Says 
