Homeowner's Insurance Question (Boston: homes, resort, company)

[PattiAnn]

I have family on Cape Cod. They say homeowner's insurance has gone sky high since the insurance companies decided a hurricane 'might' hit the state with resulting claims. One family member says it's over $2000 a year now. Is this the whole state or just the coast? I keep reading about the FAIR plan. Does this affect everyone? Would love to move back someday....

[ChunkyMonkey]

No insurance will rise in the Boston area. Since hurricanes will most likely come from the south, areas near south facing coasts such as Cape Cod will be most affected. The most damage usually comes from storm surges and flooding. For the most part, inland areas won't feel the impact as much.

[mobster75]

About 3-4 years ago, basically every last insurance company offering homeowner's insurance on the Cape completely pulled out due to some report indicating that the Cape was overdue for a large hurricane.

That leaves the Commonwealth of Mass. to be the only insurer left who will cover homes on Cape Cod as the insurer of last resort - called MPIUA. Rates are a bit steeper, however, they are famous for NEGATIVE customer service, since its a privilege they even carry your policy.....

I found out the hard way a few years back that if you are even 1 day late with your premium payment, they will cancel the entire policy and your only recourse is to apply through your agent for a BRAND NEW policy.. WTF?!