The damage wrought by Hurricane Irene may be more than original estimated. Though the storm was not quite as powerful as has been predicted, it brought major floods to much of the East Coast. Given the scarcity of flood insurance amongst homeowners, many sought refuge from the National Flood Insurance Program (NFIP). The program has been on unsure financial footing for several months, however, being billions of dollars in debt. The program is meant to offer insurance coverage to homeowners that cannot receive such coverage through private insurance companies, yet…
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Few homes covered by flood damage from hurricane
Hurricane Irene has homeowners scrambling to review their insurance policies to take a closer look at their coverage, but all too many are discovering that they are not protected from the damage that results from flooding during this type of storm. This is the painful reality that thousands of people are facing as they clean up their flooded basements and work to repair other damage relating to flooding. Coverage for water damage is dependent on the source of the flooding. The typical homeowners policy will cover water and structural damage…
Read MoreU.S natural disasters: How the insurance industry is faring and what consumers need to know about the future.
As Hurricane Irene barrels down on the East Coast, Chris Hackett, Director of Personal Lines Policies for The Property Casualty Insurers Association of America (PCI), has quite a few things to say concerning insurance and how people will be affected by the storm. We were able to ask Mr. Hackett about current, past and even future potential natural disaster events that we all should prepare for. Here is what he had to say: Live Insurance News – With hurricane Irene beating down on the Carolinas, and maybe even New York,…
Read MoreIn the Northeast residents without flood insurance may be in for a rude awakening
A major hurricane has not made landfall on U.S. soil since 2008, but Hurricane Irene has broken that period of peace. As the first real hurricane of a supposedly active season, Irene seems to be making up for lost time. The storm has already reached Category 3 and is expected to reach the Carolina’s by Thursday. The hurricane will continue moving north, making its way through Long Island, New York and other states. The coming storm has raised concerns regarding insurance coverage as many come to the dire realization that…
Read MoreAn alarming rate of uninsured residents this hurricane season
The Louisiana Insurance Department is urging everyone in the state to purchase flood insurance as hurricane season begins. Insurance Commissioner Jim Donelon has been expressing the need for flood insurance for several months. With the April storms causing severe flooding along the Mississippi River, more people are aware of the damage high waters can do, but few are taking steps to protect their homes and property. Commissioner Donelon claims that the number of homes with flood insurance has fallen back to pre-Katrina levels – a disturbing report as hurricane season…
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