Maine Homeowners Rates Spike Upward
NU Online News Service, Jan. 8, 10:35 a.m. EST?Average premiums for homeowners insurance in Maine soared 30 percent between 2000 and 2003, according to a new report prepared by the Maine Bureau of Insurance.[@@]
The research, which was mandated by the governor and the state legislature, was undertaken in part because of consumer complaints of rising rates and declining coverage. It found that in the past three years, insurers raised rates and tightened standards to reduce their risk exposure, a trend that was broadly seen across the country.
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