Report: Natural disasters hit insurance companies hard

January 5, 2012 4:37:20 AM PST
Insuring your home could soon cost you even more after the slew of natural disasters that have hit the country over the last few years.

USA Today reports natural disasters -- including the tornadoes in the southeast and Hurricane Irene --- have wreaked havoc on insurance companies' bottom lines.

The president of the Insurance Information Institute says companies have been hit with record losses for four straight years. He estimates premiums will soon rise five percent to make up for that.