(LEX 18) — Natural disasters are becoming more frequent and expensive. This is creating a problem in the insurance market as companies raise rates or drop coverage in high-risk areas entirely, according to reports from around the country.
Kentucky experiences significant flooding and damaging tornadoes, making it particularly vulnerable to these market changes. So, on Wednesday, Kentucky's Disaster Prevention and Mitigation Task Force met with insurance experts to find solutions to maintain affordable coverage in the Commonwealth.
"Markets are being exited, accessibility is sometimes limited and affordability for various reasons - constructions costs and other things are just skyrocketing. And we fear that those markets will be out of touch for the average person," said Sen. Robin Webb,