NFIP improvement bipartisan flood insurance bill in the works in Louisiana

Bipartisan flood insurance bill - Hurricane Katrina New Orleans

In the wake of Hurricane Barry, state senators are working on a strategy to improve the flawed program. Hurricane Barry may not have been a worst case scenario in Louisiana, but the damage it left behind has driven senators to push harder for a bipartisan flood insurance bill overhaul. NFIP has been problematic for quite some time, but the senators are hoping to make it better. Despite some flooding and damage left behind by Barry, Senator Bill Cassidy pointed out that Louisiana could have fared much worse. The storm corrected…

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Earthquake insurance rates head sky-high in parts of California

Earthquake insurance rates - Graph

As Californians rocked by the recent quakes seek coverage, they’re finding sky-high premiums. Across California, consumers have been watching earthquake insurance rates increasing. The reason is that the latest premiums calculations include forecasts of how large future quakes will be and where the worst ones will strike. This is terrible news for many people who were looking to renew or purchase policies. Current predictions suggest that about 250,000 current policyholders will experience increased earthquake insurance rates. Many of the property owners in Southern California may see their premiums increase by…

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Nevada earthquake insurance is rare despite state’s risk level

Nevada Earthquake Insurance - Earthquake Damage to Home

Seismic activity levels in the state would justify purchasing coverage, but most homeowners don’t. Nevada earthquake insurance has been placed in the spotlight following the tremors in California last week. Those quakes were felt in Las Vegas on Thursday and Friday. They are a reminder that the state is also affected by the seismic activity in the region. Still, despite the activity in the area and the risk of damage, coverage isn’t a common purchase. Following the quakes last week, it became clear to many home and business owners that…

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What does California earthquake insurance coverage provide following a disaster

California earthquake insurance coverage - House after earthquake

Following the tremors last Thursday and Friday, many residents are looking into the protection available. The importance of California earthquake insurance coverage was placed in the spotlight last Thursday and Friday. The 6.4 magnitude quake was the strongest to rock Southern California in two decades and was followed by a 7.1 magnitude quake the next day. The tremors shook homes and other buildings across hundreds of miles in the state. Independence Day came with a number of different catastrophe risks, particularly with the number of tornadoes that have been cutting…

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Buy flood insurance now as opposed to waiting, says FEMA

Buy Flood Insurance - Flood Waters - Caution sign

The Federal Emergency Management Agency is telling people not to delay before purchasing coverage. FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage. The policies to which FEMA referred are through the National Flood Insurance Program. Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a…

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Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

Citizens Insurance - Hurricane Irma - Home Destruction

The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…

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Thousands of tornado insurance claims filed after Ohio devastation

Tornado Insurance Claims - Disaster left after Tornado

Local insurers and agents have been assisting policyholders with damaged homes, vehicles and businesses. Policyholders in Ohio are encouraged to begin filing their tornado insurance claims following the storms last week. The twisters hit on Monday night and damaged homes, cars and businesses. Insurance companies are expecting thousands of claims and agents are bracing to assist them all. Insurers such as Allstate, State Farm, and Farmers have been fielding ceaseless client calls. “When the devastation is this much, it’s like nothing any of us in our area has really seen,”…

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