A catastrophe modeling firm said the slow progress fixing a huge backlog of hurricane damaged homes in Florida is boosting labor and material costs and will raise the cost of repairing future storm damage.
Researchers at Risk Management Solutions (RMS), Newark, Calif. said the elevated price of labor and materials that resulted from last year's hurricanes is expected to persist through this year's hurricane season that begins today.
Their analysis of the insurance claims data from the 2004 storms shows that as of last month, repair costs in the southeast U.S. remained 20 to 40 percent above the national average.
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