How Climate Impacts Your Property Insurance Costs

climate change and property insurance costs

There are plenty of factors that can impact your property insurance costs, from your location and the size of the home to the contents, but one thing that homeowners may not be prepared for is how climate is now affecting their premiums. A recent report released shows Canada is warming up at twice the rate of the rest of the world; this has left insurance providers feeling uneasy. That uneasiness is most likely going to translate to a rise in premium rates. So how exactly does climate impact your property…

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Thousands without Louisiana flood insurance risk financial devastation

hurricane flood insurance

Uninsured residents may face overwhelming losses as a result of the rising floodwaters in the state. Thousands of people who don’t have Louisiana flood insurance are now risking considerable financial losses. While they aren’t without any assistance, the lack of coverage will mean significant out of pocket expenses. Many of the people whose houses are underwater have never had the slightest problem with flooding before. FEMA and other organizations will be prepared to provide a certain amount of assistance to the uninsured. These organizations are designed to help people such…

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A Cluster of Winter Storms Slams the UK over the Holidays: AIR Worldwide

Winter Storms insurance claims

BOSTON, Dec. 28, 2013 — According to catastrophe modeling firm AIR Worldwide, over the last several days, a series of three winter storms (named Christian, Dirk, and Erich) cut power to hundreds of thousands of homes across the UK and France and flooded an estimated 1,200 homes across the UK. As of Friday afternoon local time, an estimated 13,000 homes were still without power. Trains, ferries, and aircraft have experienced significant delays and cancellations. Extratropical cyclones, also known as winter storms, form when a warm, tropical air mass interacts with…

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One of the Most Powerful Typhoons Ever Recorded Strikes Philippines

wind insurance

According to catastrophe modeling firm AIR Worldwide, Super Typhoon Haiyan, one of the most powerful tropical cyclones since modern record-keeping began, made  landfall at 5:00 a.m. local time on November 8, 2013 (21:00 UTC on November 7) near Guiuan, on the Philippine island of Samar. At that time, the Japan Meteorological  Agency (JMA) estimated a minimum central pressure of 895 millibars and maximum 10-minute sustained wind speeds of 266 km/h (165 mph). The Joint Typhoon Warning Center estimated maximum sustained wind speeds of 305 km/h (190 mph). According to AIR, since…

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Typhoon Wipha Causes Flooding and Mudslides in Izu Oshima before Dissipating: AIR

BOSTON, Oct. 16, 2013 – According to catastrophe modeling firm AIR Worldwide, although Typhoon Wipha did not make landfall on Japan’s main island of Honshu today,as had been expected, the storm brought soaking rain and gusty winds to much of both Honshu and Hokkaido, including the Tokyo region, which experienced a total of 150-300 mm (6-12 inches) of rain. Tokyo International Airport reported some of the highest sustained wind speeds in Japan from this storm: 79 km/h (49 mph) 10-min sustained and a 116 km/h (72 mph) gust. However, Tokyo…

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Tokyo Braces for Strongest Storm since 2004 as Typhoon Wipha Approaches: AIR Worldwide

Hurricane Isaac Homeowners Insurance Industry Damages

BOSTON, Oct. 15, 2013 – According to catastrophe modeling firm AIR Worldwide, Tokyo is bracing itself for its strongest typhoon since October 2004. Wipha, the eighth typhoon of 2013 and the 26th named tropical cyclone of the year, is a huge storm system currently moving northeastward toward Japan. It will likely follow the coast and pass close to Tokyo around the morning rush hour on Wednesday, bringing with it powerful winds and heavy rain. According to the Japan Meteorological Agency (JMA), as of 14 UTC on October 15, Typhoon Wipha…

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Cyclone Phailin Makes Landfall in Odisha, India

According to catastrophe modeling firm AIR Worldwide, Cyclone Phailin made landfall in the Indian state of Odisha at around 9:15 p.m local time on Saturday. The massive storm, at half the size of India according to  satellite imagery, is the strongest to affect the country since 1999’s Cyclone Orissa, which killed nearly 10,000 people. Phailin is accompanied by strong winds, heavy rains, and damaging waves. Extensive property and crop damage is expected in the affected region. With power and communications cut off, damage information has been scarce overnight. A more…

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