Climate-driven payouts are pressuring insurers, and some states are looking to keep premiums down
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https://www.wsj.com/finance/as-storm-damages-mount-states-try-to-make-it-harder-to-sue-insurers-e7f88720Samari Lakes East, a nondescript condo complex near Miami, was battered by Hurricane Irma in 2017. The storm tore up the roof, causing water damage across Samari’s 635 units, home to retirees and blue-collar workers.
The complex’s insurer, Heritage Property & Casualty Insurance, said the damage was only $22,107. In April, after a lengthy court battle, Heritage paid $17.9 million. The insurer didn’t respond to requests for comment.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.
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