Severe weather damage in the US hits the $4 billion mark

Severe Weather Damage - Flooding

Hailstorms and other disasters have caused quite a bit of destruction already in 2020, says Aon. Severe weather damage from events across the United States have led to substantial costs for insurers. A sizeable portion of the $4 billion estimated economic cost is covered by insurance policies. Much or the severe weather damage caused by storms have involved hail, according to the monthly Global Catastrophe Recap report from Aon. A substantial storm outbreak struck the Plains, Midwest and Southeast on May 4 and 5. This event primarily affected parts of…

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Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood

A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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FEMA announces 120-day NFIP grace period for flood policy renewals

NFIP grace period - Flood - homes

The Federal Emergency Management Agency is lengthening this time from having been 30 days. The Federal Emergency Management Agency (FEMA) has announced the extension of the NFIP grace period for flood insurance policy renewals to 120 days. The National Flood Insurance Program’s limit used to be thirty days. The reason the NFIP grace period length has changed is that FEMA is aiming to provide customers with relief at the moment. It acknowledges that many people are struggling with financial hardships from the coronavirus pandemic. Therefore, the extension is meant to…

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NFIP improvement bipartisan flood insurance bill in the works in Louisiana

Bipartisan flood insurance bill - Hurricane Katrina New Orleans

In the wake of Hurricane Barry, state senators are working on a strategy to improve the flawed program. Hurricane Barry may not have been a worst case scenario in Louisiana, but the damage it left behind has driven senators to push harder for a bipartisan flood insurance bill overhaul. NFIP has been problematic for quite some time, but the senators are hoping to make it better. Despite some flooding and damage left behind by Barry, Senator Bill Cassidy pointed out that Louisiana could have fared much worse. The storm corrected…

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Buy flood insurance now as opposed to waiting, says FEMA

Buy Flood Insurance - Flood Waters - Caution sign

The Federal Emergency Management Agency is telling people not to delay before purchasing coverage. FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage. The policies to which FEMA referred are through the National Flood Insurance Program. Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a…

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National Flood Insurance Program Gets Brief Renewal from Congress

National Flood Insurance Program - Flooding on road

The House of Representatives gained a two week extension for the federal flood insurance. Congress extended the National Flood Insurance Program (NFIP) by two weeks after it failed to pass a $19 billion disaster aid bill. The House of Representatives was seeking unanimous consent for the bill which contained a flood insurance reauthorization provision. NFIP had been set to expire as of Friday, but the two week extension was granted in time. With less than six hours left before the National Flood Insurance Program, the fast-track unanimous consent vote approved…

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Hurricane Preparedness Week encourages homeowners to check their insurance

Hurricane Preparedness Week - big waves from hurricane

The industry is reminding property owners to review their coverage and update if necessary. The insurance industry used this week, Hurricane Preparedness Week, to remind homeowners that storm season is on its way. This makes the week the perfect opportunity to go over insurance policies and make changes to prepare properties for what could potentially be an active year. The insurance industry has released lists of helpful instructions to keep customers properly covered. Hurricane Preparedness Week arrives just before the official season begins. That way, homeowners have time to look…

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