Hawaii lava damage will be covered, says Insurance Commissioner

Hawaii lava damage - Volcano lava flowing

Destroyed homes will be covered by standard homeowners policies, according to Gordon Ito. The Hawaii lava damage caused by Kilauea’s eruption will be covered by homeowners insurance policies, said Hawaiian Insurance Commissioner, Gordon Ito. Ito made it clear that homes damaged or destroyed by the lava flow into a Big Island neighborhood will be covered. This should come as a relief to homeowners previously uncertain as to their coverage, as reported by Live Insurance News. Ito has been Hawaii’s insurance commissioner since 2010 and is NAIC Western Zone chair. Ito…

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This weekend, review your homeowners insurance for Hurricane Preparedness Week

Hurricane Preparedness Week - Hurricane in Key West

Saturday and Sunday are wrapping up the awareness week to remind us to be ready for weather. Hurricane Preparedness Week is coming to a close, but it’s time to take what we’ve learned and put it into action. The only way this awareness week will have been a success is if you make the right changes to keep yourself safe. This week includes a number of things to prepare for an emergency, such as reviewing your policies. The insurance industry likes to take the opportunity of Hurricane Preparedness Week to…

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Hawaii volcano insurance coverage becomes serious concern

Hawaii volcano insurance - errupting volcano in Hawaii

Residents of the side of the Big Island closest to Kilauea have been forced to evacuate. Hawaii volcano insurance has become a central topic in the state following earthquakes and Kilauea’s eruption. Several more quakes have been followed by new fissures opening. As residents have complied with a mandatory evacuation, the next worry is the damage. Dozens of structures have already been destroyed by the lava spraying across the Hawaiian neighborhoods, according to a CNN report. The report revealed that not all homeowners insurance policies in the affected area necessarily…

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California wildfire insurance stirs up heat between industry and state lawmakers

California wildfire insurance - forest fire

The state Senate Insurance Committee is taking on the insurance industry regarding this coverage. California wildfire insurance was a hot topic, so to speak, between insurers and the State Insurance Committee. The committee is chaired by Senator Steve Glazer (D), widely considered to be the most moderate senator in the upper house. The Senate Insurance Committee voted on to bills that will dictate the future of wildfire coverage. The vote took place on Friday for the two bills. These bills were designed to make significant changes to the way California…

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FEMA moves forward with its own flood insurance changes

Flood Insurance Changes - Boots underwater

The Federal Emergency Management Agency has decided to take NFIP tweaks into its own hands. The Federal Emergency Management Agency revealed its intentions to make a number of flood insurance changes. The National Flood Insurance Program (NFIP) is facing massive and rising debt levels. There are many flaws in the program causing it to become unnecessarily expensive. Therefore, FEMA decided to help make changes to bring significant funding back to NFIP. The idea behind the latest flood insurance changes is to draw more private funds into the government-led coverage market.…

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California cannabis insurance claim payout reaches $1 million

Cannabis Insurance - Marijuana Plants

A company in the state received a historic payment following crop damages from wildfires. A cannabis insurance payout has recently broken prior records in California. The Thomas Fire burned through a legal marijuana business at the close of last year (and the start of this one). The payout for the insurance claim was $1 million – higher than any previous payout in this category. This wildfire insurance payout is an indicator of the speed of growth of the legal marijuana industry. A Southern Californian cultivator of marijuana was covered by…

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Florida flood insurance rates are on the rise in April

Florida Flood Insurance - Flooding on road - flood insurance rates

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

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Flood insurance extension to be approved through new spending package

Flood Insurance Extension - Flooding

The good news, however, may only extend until July when a new deadline may approach once more. A new flood insurance extension will take the pressure off the program for another four months. The $1.3 trillion federal spending deal will give the National Flood Insurance Program (NFIP) another reprieve. This is the fourth temporary extension the NFIP has experienced since September 2017. Washington lawmakers have now given themselves until July to either create another flood insurance extension or overhaul the NFIP. The alternative would be to allow the country’s flood…

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Climate change will be challenging for insurance companies, says Moody’s

Climate Change - Insurance - Earth in Flood and Fire

A new report revealed the impact of warming climates worldwide on the insurance industry. The impact of climate change on the economy will have an increased liability risk for insurance companies. Catastrophes related to extreme weather are becoming more severe and frequent, according to a Moody’s Investors Service report. The report pointed to the rising instance of weather disasters like Hurricane Harvey in 2017. Moody’s Investors Service recently released a report. It investigated the economic aftermath of climate change. Insurance companies will face an increased liability risk from more frequent…

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California earthquake insurance sales skyrocketed last year

Los Angeles California Earthquake Insurance

Californians have been warned for many years, but 2017 seemed to be the year to take action. Scientists have been cautioning homeowners to buy California earthquake insurance for decades. They have been warning that there is a major tremor overdue in the state. However, many Californians have balked at the thought of buying, afraid premiums would be too high. California earthquake insurance, despite the threat of a serious potential quake, has been a very tough sell for insurers and agents. Only about 10 percent of households in the state had…

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