Thursday, November 9, 2017
Insurance Premiums Expected to Increase in 2018 Due to Storms
Founded in 1981, Doonan Tax Services relaunched upon its expansion in 2016. The expansion saw the tax preparation company grow to a new Bronx, New York, location and introduce two new partners, Timothy Mitchell and Kenneth Doonan. In addition to tax services, Doonan offers life, home, and auto insurance policies.
In September of 2017, USA Today announced that homeowners insurance premiums and auto insurance premiums might increase in 2018 due to hurricanes Harvey and Irma. Even people who didn’t live in areas affected by the hurricanes may see their rates increase.
However, those who live in Texas and Florida could see the highest increases, though residents of states adjacent to those two may face automobile insurance rate hikes. This increase is due to insurers calculating car insurance rates regionally.
A similar increase occurred after Hurricane Sandy in 2012. In New York, a motorist paid around $1,110 for car insurance in 2012 while the rate increased to $1,180 in 2013.