THE HURRICANES THAT RAVAGED the Gulf Coast last summer are beginning to wreak havoc with homeowners’ insurance coverage in states far removed from where the storms hit.
Still reeling from an estimated $56 billion of hurricane-related losses, major insurers are dropping policies or not writing new ones in coastal areas from Texas to Florida and up the Eastern Seaboard as far north as Massachusetts. Insurers including Allstate Corp. and Nationwide Mutual Insurance Co. say they need to reduce the financial risk that could come with fresh storms as soon as this year. But the moves have left homeowners in a number of states scrambling to find new coverage, often at higher cost.
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