ATLANTA – As severe storms hit northern Georgia on Tuesday, the financial reality of trying to repair a home came into focus once again for those affected by the storms.
The damage could happen to any of us, and Channel 2 investigative reporter Nicole Carr found that cleaning costs may be rising.
In nearly four decades living in southwestern Atlanta, James Campbell said he had never seen anything like what had exploded in his backyard for the past two days.
“I was trying to decide if I wanted to go down to a lower level, and while I was thinking about it, a tree hit the wall,” said Campbell.
Carr spoke to Campbell on Tuesday afternoon when an insurance adjuster and contractors were leaving.
What the damage means for future rates is the furthest thing from your mind.
“What can you say? These are just the times when we’re so, I don’t know,” Campbell said. “You may not see the tallest franchises they have in the Midwest yet, but it is possible that this will happen at some point. . ”
Experts are watching what happens to personal and commercial properties, and the southern region has seen more severe weather damage more often in the past decade.
We turned to the wholesale insurance broker and underwriter Burns & Wilcox to talk about what we can expect in our area soon.
“Obviously, what is going to happen is in certain geographic areas – whether by county or by postal code, there will be some higher fees for owners and / or commercial properties because of these losses that have occurred,” said Barry Whitton, managing director at Burns & Wilcox.
Whitton added that he does not expect insurance companies to leave the market, but he hopes that some may not get new customers as often, opting to re-underwrite the insurance they already have, which means the possibility of higher deductibles in the near future.
“It may not be all carriers that do this because there are some carriers that may not have a large exposure base in Georgia. And there is something that has a large exposure base in Georgia, ”said Whitton.
As a consumer, you need to ask questions. Go ahead and put the possibility of an increase in rates with your agent. Find out if it’s time to shop.
And remember, if you’re getting unsolicited help at your door – maybe a tree removal service, some business that the insurance company didn’t send – check these people’s history for their business license and make sure they establish a service contract.
This is the time when you are most vulnerable and you will have people showing up at your door.