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Two points: First, the new rates seem completely out of whack with the financial risk assumed by the insurance companies and banks. Second, what difference does "primary residence" vs. "summer home" make from a claim likelihood perspective? It's not like a hurricane comes up the bay, stops at Patience Island, and says: "Hmmm. Those look like summer homes, but those over there look like primary residences. Yup, that's the spot." In ten years, waterfront property in Warwick will owned exclusively by hedge fund managers from Fairfield County who paid cash and use the place three months a year.
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