LITTLE ROCK, Ark. – It’s a financial toll many Arkansans are feeling, an increase in insurance rates. It’s also an impact we have seen hundreds of comments about online.
Last month, the Arkansas Insurance Department sent a letter to the Arkansas Legislative Council about the property insurance rates for personal and commercial coverage increasing.
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It stated some of the reasons were because over the past year, data showed storm-related claim expenses had a significant financial impact on companies in the state.
As of December 31, insurers paid over $489 million from claims related to the March tornado, in addition to other severe weather events like large amounts of hail.
Dorjeanne Bechhoefer who lives north of Bald Knob said she wants her rates to go back to normal after seeing a spike.
“It’s huge (the spike), we just went through our budget and got rid of things we don’t need,” Bechhoefer said.
She said last year she was with Farm Bureau but left when she saw the increase.