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Banks, farm insurers and community lenders warn of mortgage escrow shortfalls and farm exposure from higher deductibles
Summary
Banking and Farm Bureau witnesses told the committee higher percentage wind/hail deductibles and rising premiums risk escrow shortfalls and large out-of-pocket costs for borrowers; Farm Bureau and regional banks also flagged reinsurance retention increases and concentrated hail exposure for poultry and farm operations.
Local banks, Farm Bureau representatives and community lenders described immediate consumer and lending risks from the hard insurance market.
Jason Tennant of CS Bank said percentage wind/hail deductibles and larger deductibles tied to replacement-value increases could create sudden out-of-pocket demands for homeowners. "That's a real concern because... first-time homebuyers, low- to…
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