Insurance news still being made by Superstorm Sandy with criminal probe

hurricane sandy flood insurance news

An investigation has now been launched by New York Attorney General Eric Schneiderman. New York Attorney General Eric Schneiderman is now making insurance news by opening a criminal probe into widespread accusations that have been made by the victims of Hurricane Sandy, who have said that their claims for flood damage have been rejected by their insurers as a result of engineering reports that were falsified. Three lawsuits have been filed by homeowners insurance customers in federal court, against the insurers. This insurance news involves at least three lawsuits in…

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Polar vortex highlights the need for flood insurance

flood insurance storm damage

Warming temperatures could spark floods as snow melts throughout the US Winter is coming to an end and that means that the problems caused by the polar vortex may soon spark new disasters. The polar vortex has sparked many problems throughout the U.S., dealing damage to properties, vehicles, and the country’s infrastructure. With winter coming to a close, some of the issues involving the polar vortex may become easier to resolve. Warming temperatures means that the snow that the climatic phenomenon has brought to the country is beginning to melt.…

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Understanding flood insurance in the US

Flood homeowners Insurance Program

Flood protection is a problematic issue Flood insurance has become a strange subject in the U.S. Many homeowners are unaware of flood protection, but for those living in coastal regions of the country this protection is mandatory. Private insurers do not typically offer flood protection because of the costly nature of natural disasters and how often these disasters can cause floods in certain parts of the country. As such, the only place that most homeowners can find flood protection is through the National Flood Insurance Program. Receiving protection from this…

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Natural disasters and insurance

Insurance industry outlook

Disasters have an impact on the insurance industry Natural disasters do not only affect a certain type of person; they also have an impact on the insurance industry. It can be difficult for people to see the impact that catastrophic events have on insurers due to a general disdain for the industry as a whole. The most common response an insurer has to natural disasters, however, in the long run it does raise rates. This is something that typically attracts a great deal of attention from policyholders of all kinds. Many…

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All About Flood Insurance – What you need to know

Flood Insurance and rain

Floods occur in every state in the United States. Recent flooding in Colorado resulted in multiple fatalities and property damage estimated at more than two billion dollars. Amidst the tragedy there are reports that 10 to 25 percent of Colorado homes have separate flood insurance policies. Six percent of the 77,000 detached homes in oulder County had flood insurance, only 2.3 percent of El Paso County single-family homes (170,000) had insurance for floods, and only 1.5 percent of Larimer County’s 90,000 homes were covered against floods. Flood insurance is an…

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Insurance news from Toronto shows Co-operators lost over $37 million to flood

insurance news - losses

The insurer has revealed its latest data, including a massive loss last quarter from the flooding in July. The massive flooding that swept through Toronto, Canada, this July is making insurance news headlines once more as Co-operators General Insurance Company has now reported that it experienced a loss of $37.9 million as a result of that one sudden event. The flooding came on out of the blue as a result of an unexpected and exceptionally heavy rain storm. The insurance news was considerable at the time, but now it has…

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FEMA official will testify on flood insurance issues

flood insurance news

Flood insurance continues to be a problem in the US Flood insurance rates in the U.S. are set to rise as the Federal Emergency Management Agency (FEMA) redraws vital flood maps around the country and major changes to the National Flood Insurance Program become active. FEMA has been working to address the changing risks associated with floods and natural disasters over the past few years and revising its flood maps is a major part of this process. Unfortunately for homeowners in risk-prone areas, this could mean higher flood insurance rates.…

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