Topix Underground

"New York CNN — The wildfires in Southern California this month, and the hurricanes in the Southeast United States late last year, could end up raising homeowners insurance rates in the near future, even for people who live thousands of miles from the natural disasters.

Regulators in many states are allowing insurance companies to raise rates to cover the cost of events that insurers have had to pay elsewhere, as well as increasing the money for things like the rising cost of reinsurance, which insurance firms purchase to limit their risks of major catastrophic events."