Homeowners insurance coverage may pay for Sand Fire evacuation expenses

California wildfire damage

Many home and renters policyholders may be pleasantly surprised to discover they can be reimbursed the costs. The Sand Fire has destroyed eighteen homes, but for those who were evacuated, homeowners insurance coverage may still help. Many of the 20,000 evacuees don’t realize that their renters insurance and home policies cover those expenses. The fire burned its way into the Santa Clarita region and left massive physical and financial damage behind. Still, for those who were evacuated and faced the costs of having to live elsewhere, some relief may be…

Read More

Fort McMurray wildfire insurance costs will be highest in the history of Canada

Fort McMurray wildfire

The Insurance Bureau of Canada estimates a total insured loss of approximately $3.58 billion. The tremendous Fort McMurray wildfire that ripped through the region in Alberta, Canada was the costliest in the country’s history. No other disaster brought such great expense to insurance companies. The Insurance Bureau of Canada (IBC) estimates a total cost of $3.58 billion. Canadian insurance companies have never faced an cost that large from any single disaster in history. The IBC issued a report based on information collected through a survey of insurance companies. With this…

Read More

Fort McMurray insurance losses may be more than $9 billion

Fort McMurray insurance losses

The wildfire that continues to devastate the Canadian city is expected to be the most expensive in the country’s history. The Fort McMurray insurance losses resulting from the devastating wildfire that has burned its way through the city in the Canadian province of Alberta is expected to bring about the largest insured property losses the country has ever experienced from a single disaster. In fact, one analyst has estimated that the insured losses could come to a massive total as high as CAD$9.3 billion. The Fort McMurray insurance losses are…

Read More

Most common and costly homeowners insurance claims

homeowners insurance rates increase

A recent analysis conducted by The Travelers Companies has revealed some significant trends. According to the results of a homeowners insurance claims data analysis conducted by The Travelers Companies Inc., weather incidents were the cause behind more than half of all the filings that were made by policyholders. Among the events that were most commonly at fault were wind, frozen bursting pipes and leaky roofs. Despite the fact that the most common homeowners insurance claims were those caused by weather damage, it was the fire damage claims that were the…

Read More

Fire insurance losses in California broke the $1 billion mark

fire insurance home

The payouts for claims for damage caused by two tremendous blazes in the northern part of the state were huge. Two massively destructive wildfires in Northern California not only killed six people and caused thousands of residents to have to leave their homes behind, but they were also damaging enough to lead to over $1 billion in losses covered by fire insurance. This represents a preliminary estimate that has now been released by the California insurance department. These two different wildfires began burning in September, only days apart from each…

Read More

Homeowners insurance is running from Californian wildfires

insurance industry fire insurance

As the brush fires and blazes moved ahead, insurers started to step back from providing coverage. Near the start of October, homeowners insurance companies found themselves covering the majority of the almost 5,000 claims that were made as a result of two wildfires that occurred in September in Northern California and agreed both to provide the policyholders with a larger amount of time in which to document their claims and to boost the speed of the payments. That said, following one of the worst wildfire seasons in the state, the…

Read More

New information discovered about fire insurance denials in Indian Hill

widlfire homeowners fire Insurance

Details have now been released about the blaze in Ohio that destroyed a $4 million home. In 2014, a massive fire ripped through a multi-million dollar home in Indian Hill, Ohio, but despite the fact that it was covered by fire insurance, the insurer denied the owner’s claim and refused to pay for the damages. New details with regards to that case have now emerged to shine some light on the situation. The homeowners, Jeffrey and Maria Decker, filed a $60 million lawsuit against the fire insurance company, last January.…

Read More