BOSTON -- Cape Cod homeowners who rely on the state's home insurer of last resort will see their premiums rise by 25 percent under a plan approved by state regulators.
Fears of hurricane damage prompted major insurance companies to pull out of the region, forcing coastal homeowners to seek coverage from the Massachusetts FAIR Plan, an industry consortium.
The FAIR plan's request to increase premiums was approved by Insurance Commissioner Julianne Bowler on Friday. That includes a hike of 20 percent in New Bedford and in parts of Plymouth and Bristol counties, and 12.4 percent on average statewide.
"As private insurers have withdrawn from our coast, the FAIR Plan has grown into the principal insurance carrier for the southeastern coastal region," Bowler said. "Many of these companies have cited large predicted hurricane losses and the high costs of reinsurance as the reasons for their departure."
Revised hurricane projections show potential for massive damage on the Cape.
The average FAIR Plan annual premium on the Cape now costs about $1,300. The plan has swelled into the Cape's largest insurer, covering 43,000 properties, or about a third of the market. Six years ago, the FAIR Plan had about 6,000 Cape policies.
The FAIR plan insures 8 percent of Massachusetts homes.
More rate hikes are expected for 2007.
Copyright 2006 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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