Paramedic insurance coverage is broadening its importance in the United States

Business paramedic insurance

Experts predict that this type of policy will becoming increasingly necessary, particularly for disaster scenarios. Paramedic insurance coverage is a growing industry and experts predict that this growth will only continue to head upward. This includes in cases of U.S. disasters. In fact, the extreme weather events have been among the driving forces in insurance policies for paramedics. The many different extreme weather events and natural disasters in the United States this year have led to a rising interest in paramedic insurance. That type of coverage has already seen growth…

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SmarterSafer coalition calls for U.S. flood insurance reform, facing December deadline

National Flood Insurance Reform

Recent efforts to overhaul NFIP has reached a struggling point, but one business group wants to push ahead. The latest shot at American flood insurance reform has come across a serious obstacle in its attempts to move ahead. However, a business and environmental groups coalition has strengthened its call for an overhaul to the National Flood Insurance Program (NFIP). They’re pushing for lawmakers to make much needed changes to the program before its December expiry. The flood insurance reforms need to be made before December 8, 2017 if they are…

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John Oliver describes Flood Insurance Program failures via talking seagull

John Oliver Last Week Tonight Flood Insurance Program

As hurricanes and flooding becomes increasingly problematic Oliver brought NFIP into the spotlight. The most recent episode of HBO’s Last Week Tonight with John Oliver focused on the National Flood Insurance Program (NFIP), and its current widespread failings. This episode arrived at a time in which the issue is exceptionally relevant but isn’t necessarily in the public’s eye. NFIP is struggling from all sides and is in dire need of reform at the same time that floods plague the country. “Floods were everywhere this summer,” explained Oliver. Although they may…

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Climate change and severe weather could increase insurance rates for everyone

climate change extreme weather drought storms

Even homeowners who don’t reside in areas struck by recent hurricanes could feel the pinch. Homeowners across America wouldn’t likely be surprised to hear that climate change and the severe weather coming with it could raise insurance rates in areas like Florida and Texas. That said, just because an area wasn’t struck by Harvey or Irma, it doesn’t mean rates won’t rise there, too. Motorists and homeowners throughout many U.S. states will likely watch premiums rise over the next while. Insurance companies are being increasingly affected by climate change. Severe…

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Hurricane Irma insurance losses may be far lower than first predicted

hurricane irma insurance losses

Initial forecasts plotted a far more destructive path for the storm than was actually the case. Following predictions of apocalyptic Hurricane Irma insurance losses, it appears as though the storm may be costly, but nowhere near the worst case scenario. It’s still far too early for specific totals, but recent figures suggest they may be as low as $10 billion. Randy Binner, an insurance analyst, explained that while initial projections for Hurricane Irma insurance losses were as high as $100 billion, this has now been reduced to between $10 billion…

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Mar-A-Lago carries NFIP flood insurance protection

Mar-a-Lago NFIP

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…

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Hurricane Irma may force Florida’s private flood insurance market to prove its mettle

hurricane irma - florida private flood insurance market

Residents of the state are preparing to protect their properties and loved ones against the approaching storm. As Hurricane Irma makes its way through the Caribbean and ever closer to Florida, the insurance industry is bracing itself. This is particularly true of the private flood insurance market in the state. Advocates say Florida’s market is a solid model for making federal flood insurance coverage more affordable. Should Hurricane Irma make landfall in Florida, as the hopes and prayers go out to residents for their safety and to avoid damage to…

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Rising extreme weather risk places property insurance in uncomfortable position

extreme weather risks trend insurance industry

An increase in severe storms, flooding, wind, wildfires and other disasters are driving claims skyward. Flooding and wildfires are making massive headlines this summer and this extreme weather risk is placing considerable pressure on the property insurance industry. These types of disaster are spiking the number and cost of business and homeowners insurance claims. In fact, the extreme weather risk may have a greater economic toll on the insurance industry than any other industry in the world. Though insurers have been increasingly aware of the threat of climate change with…

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Texas auto insurance claims filed by the thousands, and they’re just getting started

Floodwaters flood auto insurance claims

Insurers covering vehicles in areas affected by Hurricane Harvey expect hundreds of thousands of claims. Auto insurance claims have already started filing in as a result of Hurricane Harvey, but despite the high numbers, they’re just getting started. Insurance companies throughout the affected regions are bracing for hundreds of thousands more. In fact, as of last Thursday, the 100,000 mark had already been passed. “We do know that approximately 100,000 claims have come in,” said the Insurance Council of Texas manager of governmental and regulatory communications, Matt Stillwell. That trade…

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Federal flood insurance program stuck on hold as Hurricane Harvey tallies climb

us congress federal flood insurance program

Southeastern Texas was devastated by the storm, placing the focus back on NFIP and the GOP restructuring effort. The Federal flood insurance program is in limbo at the moment while Texans face catastrophe following Hurricane Harvey. The Republicans have been trying to restructure the National Flood Insurance Program (NFIP). Their goal has been to partially privatize it. NFIP is a subsidized program that costs taxpayers tens of billions in federal subsidies. The federal flood insurance program is facing an upcoming deadline of September 30. Unless Congress agrees to extend the…

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