Many businesses along the Gulf of Mexico coast have had a difficult time obtaining wind insurance coverage since Hurricanes Katrina, Rita, and Wilma hit in 2005 and have often ended up paying more than twice as much for the insurance as they did previously, according to a RAND Corporation study issued today.
Gulf Coast businesses are also paying higher wind insurance deductibles while getting lower limits on policy coverage, the study by the nonprofit research organization found. That means businesses are spending more for less protection from hurricanes, tornadoes and other major wind storms.
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