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.
How Insurers Know When It’s Time to Scale AI 
IMA Latest to Sue Howden Over Alleged Employee Poaching 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
