Homeowners up and down the east coast as well as the gulf coast may soon face higher insurance premiums or possibly no insurance at all. Insurance carriers such as AIG (NYSE:AIG), Allstate (NYSE:ALL), Travelers (NYSE:TRV) and State Farm are all raising premiums in an effort to limit their exposure in hurricane-prone areas. The changes are due to the $26 billion insurers paid out last year on catastrophic losses and the effect the financial market turmoil has had on the companies' earnings.

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