More Massachusetts insurance agencies are raising their homeowners’ insurance rates. This is the latest wave of rate increases following the record-breaking winter we experienced last year. The winter of 2015 started in earnest with Winter Storm Juno. By the time the following series of blizzards ended, over 110” of snow had fallen, taking the snowfall record for the Boston area.
Naturally, this immense volume of snow caused damage to homes in the area. Older and previously damaged homes took an especially heavy toll from the weight of the snow and resultant ice dams. Insurance companies have paid out over $1 billion in claims from last winter’s snowfall, and there are still claims left to be resolved.
This unprecedented snowfall, widespread damage, and number of claims have caused many insurance agencies, large and small, to raise rates in order to cover the expenses. This is added burden has been difficult for many homeowners in Massachusetts, especially as it comes right on the heels of comparable rate increases from Hurricane Irene in 2011. Irene also caused widespread damage, and a high number of insurance claims.