California wildfire risk increases homeowners’ insurance challenge

California wildfire risk - homes near fire

Insurers are facing massive losses and have been withdrawing from areas prone to fires. The California wildfire risk has been causing problems for homeowners in the state that extend beyond the devastation left behind by the widespread uncontrolled blazes that are becoming increasingly problematic. As massive blazes become more commonplace, the cost associated with them is sending insurers away. Due to the California wildfire risk, insurers are falling out of love with the opportunity to insurer the properties there, particularly in areas most prone to the fires. “The marketplace has…

Read More

Ben Affleck movie insurance battle takes off following production delay

Ben Affleck movie insurance - Ben Affleck

The film’s producers are in a coverage fight with their insurer, Chubb, over pandemic postponements. Hollywood producers have launched a battle with insurer Chubb over a Ben Affleck movie insurance policy’s coverage of pandemic delays. The producers sued the insurer last week over its refusal to extend the policy’s coverage for the delay. The Ben Affleck movie insurance policy is set to expire in October, but the film’s production has been delayed due to the COVID-19 pandemic. As a result, the producers sough to extend their insurance coverage for the…

Read More

Many wedding insurance policies are changing shape due to the pandemic crisis

Wedding insurance policies - bride and groom

Several carriers have been altering their coverage since COVID-19 lockdowns started taking place. Since the start of the pandemic crisis, claims on wedding insurance policies have been pouring in. This has had two major impacts on the market for this particular product. The first is that awareness of its existence has skyrocketed. The second is that many insurers have been working to change the coverage these products provide. Many engaged couples are seeing this type of coverage as essential for the first time. Since March 2020, when COVID-19 slammed many…

Read More

New Louisiana insurance regulation will assist those affected by Hurricane Laura

Louisiana insurance regulation - Destruction after natural disaster

State residents who continue to be without electricity may benefit from the new rule. Survivors of the disaster left behind by Hurricane Laura may benefit from a new Louisiana insurance regulation until their electricity is turned back on. The new emergency rule applies to policyholders in the state implemented by Commissioner Donelon. The new emergency Louisiana insurance regulation allows homeowners and business policyholders to file claims during times when hundreds of thousands of residents of the Southwestern part of the state remain without electricity. It is meant to provide these…

Read More

Assessing the damage after Tropical Storm Laura thundered across Arkansas farms

Tropical Storm Laura - Old Farm House in Decay

Farmers continue to calculate the size of the destruction left behind by the winds and rain. After the hurricane left a catastrophe behind in Louisiana, it moved inland, becoming Tropical Storm Laura. From there, its high winds, downpours and tornadoes smashed through Northeast Arkansas and large amounts of farmland. This was the first time Arkansas ever faced a tropical storm warning, said the National Weather Service. Farmers experienced extensive damage from Tropical Storm Laura, as drone footage revealed massive sections of “lodged” or flattened plants across the rice growing regions…

Read More

86 percent of homeowners think they have their hurricane preparedness under control

Hurricane Preparedness - Hurricane Laura as a category 4

Many property owners aren’t taking into consideration the additional challenges from COVID-19. Even after the devastation left behind by the major storms last week, most homeowners feel they have made adequate hurricane preparedness efforts, according to a recent survey. When Hurricane Laura reached the US Gulf Coast, it struck as a highly powerful category 4. According to the research conducted by ValuePenguin, most homeowners – 86 percent – feel that the hurricane preparedness steps they have taken are enough. However, thousands of people who were in the path of last…

Read More

Smoke affected vineyards advised to look into their California crop insurance

California crop insurance - Vineyard

Growers impacted by the wildfires in the state should review their policies to understand coverage. Vineyards and other growers whose plants are affected by wildfire smoke are being advised to take a look at the fine points of California crop insurance coverage on their policies. Many wine grape growers have found that a loophole that has removed their smoke taint coverage. A California Association of Winegrape Growers (CAWG) online webinar placed the California crop insurance situation in the spotlight last week. As the majority of the state has been affected…

Read More