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NAR Immediate Past President, Charles McMillan recently testified before a Congressional panel addressing emerging and current problems in property insurance markets across the country. The cost of natural disasters, such as hurricanes, floods, and earthquakes, are devastating for communities. The devastation leaves no segment of the community untouched. Individuals, local, state and governments and insurance companies all suffer financial losses. For the insurance companies, the response is obvious, faced with increased claims insurers have raised property insurance premiums or declined to write policies in disaster prone areas. The congressional hearing was held to explore the problems and discuss possible legislative and private sector solutions. More
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