ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Sunday, July 21, 1996 TAG: 9607220002
SECTION: BUSINESS PAGE: 2 EDITION: METRO
DATELINE: VIRGINIA BEACH
SOURCE: Associated Press
Allstate Insurance Co. says it cannot gamble any longer on Atlantic hurricanes avoiding Virginia and has announced substantial rate increases for Hampton Roads homeowners.
And State Farm agrees.
In Virginia Beach, where Allstate insures one in every five houses, rates will go up by an average of 74 percent, beginning Aug. 1. In Newport News and Hampton rates will rise an average 47 percent; in Norfolk, Portsmouth, Chesapeake and Suffolk by 23 percent.
State Farm, which insures 16 percent of the region's homes, said it too was raising rates to customers by an average of 9.9 percent in Virginia Beach, Norfolk, Portsmouth and Chesapeake, and 6.1 percent in Suffolk.
According to the National Weather Service, the last Atlantic hurricane to make landfall in Virginia was Aug. 23, 1933, when 18 people were killed. Numerous storms since have brushed against the coast.
State Farm and Allstate said they will continue renewing the policies of their existing customers but will be selective when writing new policies in the region.
LENGTH: Short : 35 linesby CNB