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The National Oceanic and Atmospheric Administration (or (NOAA) predicts high hurricane activity in 2024
More recent headlines have been focused on higher insurance costs which have helped fuel inflation in the US. There has been more and more people recently leaving the once popular Florida due to the runaway homeowner insurance costs. Part of the rising costs are the storm risks and another is insurance scams.
Roof contractor will offer a free inspection and claim to find damage, even if there is none. They will then try to convince the homeowner to sign a form, allowing the contractor to file an insurance claim. However, when the insurance company inspects the property, they will often find no damage. The contractor will then sue the insurance company without the homeowner’s permission. The insurance company has two choices: fight the legal battle or settle. In either case, the insurer has to pay up. Many insurance companies are simply saying they don’t want to insure any more, or jack up rates even more.
The combination of weather and scams have led to increased insurance and with it inflation.
Reports of more hurricanes is not good news for the CPI price trends.