Home Insurance Rates Soar After Brutal Winter
Janet wu reports many lawmakers and many of you are not happy about it. Reporter: did you really think it was over? Andy hoffman knows better. We had an inspector come in with a water meter. We didn't think it was that much damage. He said there was damage throughout the entire house.
Reporter: 10 rooms, four months and multiple ice dams later he is still negotiating with the insurance company that offered him less than a 10th of what contractors tell him it will take to replace the walls, floors and the ceiling. This is a bathroom. You don't get much privacy. Reporter: insurers say it backs their request for 9% rate hikes that the insurance commissioner just approved. Is 9.1% increase justified? I don't believe it is. We had an unprecedented, profitable year. No storms that year.
Reporter: they agree that the homeowner claims jumped three fold and as many as 40% of the claims are still unresolved. But the 9% rate hike drives clients to competitors. Equally upset, one key beacon hill leader. I don't recall any public hearings or any public discussion about the proposed increase. And then we have one bad winter and it doesn't make they sense to me. He says he will have a chat with the insurance division, but for now? Generally speaking they scrub these hard to make sure they are appropriate. He refused to be interviews, but he released a statement that said they are not the only reason he raised rates, but, quote, because of anticipation for future.
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