"The cost of homeowners insurance is soaring in states where large outbreaks of tornadoes are becoming more common. But it's hail — not tornadoes — that are the biggest concern for insurers in the middle of the country, according to industry experts and analysts.
Insurance companies have been raising their rates as the cost of extreme weather disasters grows. In Kentucky, where at least 19 people died after a tornado tore through communities last week, premiums are up 35% from a few years ago, according to the Consumer Federation of America. It's a similar picture throughout the region. Rates are up 35% in Nebraska, 34% in Arkansas, 32% in Minnesota and 27% in Texas, Colorado and Iowa.
"Even though tornadoes are a much more significant threat to life, most of the insured damages associated with severe weather come from hail," says Scott St. George, head of weather and climate research at insurance broker WTW. "And the reason for that is because tornadoes are awful and they're severe, but the footprint of those storms, the areas that are affected by them, is usually still pretty small.""
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