Live Insurance News

Fire insurance losses in California broke the $1 billion mark

January 28, 2016January 27, 2016 Julie Campbell

The payouts for claims for damage caused by two tremendous blazes in the northern part of the state were huge. Two massively destructive wildfires in Northern California not only killed six people and caused thousands of residents to have to leave their homes behind, but they were also damaging enough to lead to over $1 billion in losses covered by fire insurance. This represents a preliminary estimate that has now been released by the California insurance department. These two different wildfires began burning in September, only days apart from each…

Wildfires bring unwanted insurance news to Californians

September 23, 2015September 22, 2015 Julie Campbell

Certain areas of the state have now been labeled as high-risk markets which is sending rates skyward. The Modjeska Canyon has a great deal of appeal for many residents of California, but at the moment, the insurance news that they have been receiving hasn’t been as good as most would have liked it to be. The area has received a high-risk rating when it comes to being prone to wildfires, making insurance expensive. Modjeska Canyon has all the benefits of being tucked away against the mountains, close to the Cleveland…

Fire insurance claims break records on Thanksgiving Day

November 27, 2013November 25, 2013 Julie Campbell

Holiday Mayhem - Thanksgiving turkey’s go up in smoke!

Insurers are cautioning Americans to take some simple safety precautions this year. Thanksgiving Day is a holiday that represents togetherness, family, and giving thanks for all of the things with which we have been blessed in our lives, but it is also the time of year that inevitably leads to the highest number of fire insurance claims. Studies have shown that fire departments can receive up to three times the typical number of calls on Thanksgiving. The reason is that there are many Thanksgiving activities that involve an increased risk…

Homeowners insurance claims in Australia rising quickly from bushfires

October 24, 2013October 22, 2013 Julie Campbell

These wildfires have already brought about claims that have broken the $96 million mark, so far. According to the Insurance Council of Australia (ICA), there have already been more than 900 business, auto, property, and homeowners insurance claims with insurers in Australia, and that this has brought about a loss of over $96 million ($100 million Australian), so far. It is believed that there are more claims that will be filed with each passing day for the next while. A spokesperson for the ICA, Campbell Fuller, explained that assessors for…

Fire insurance costs remain steady regardless of payouts

July 9, 2013July 8, 2013 H. Cutner

Though there have been a large number of payments required due to wildfires, costs are level. Wildfires have been an immensely destructive force throughout the American West in 2013, and while fire insurance payments have been considerable, it still looks as though the costs in this sector will remain steady. The latest predictions are that this will be yet another year of payments in the hundreds of millions of dollars. The losses are predicted to be in the hundreds of millions from the wildfires this year, leading to yet another…