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Insurers retreat from Coastal Virginia as climate risks soar

July 19, 2023

More insurers are choosing to limit their exposure to climate risks, with some major carriers now pulling out of coastal Virginia neighborhoods.

WTKR News 3 spoke to one Hampton Roads resident whose homeowner’s policy was dropped by his insurance company in June.

Fred Drummond said he was told that Nationwide would not be renewing the policy he’s had for over 20 years, adding that he spent several days calling other companies to no avail.

“I started calling around to all the major companies including USAA, Hartford,” he told the local news channel. “And no one was writing any policies for this area.”

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