Kansas insurance company claim paid out after child knocks over $132,000 statue

Kansas City Insurance - YouTube Screencap of kids before knocking over statue

The child’s parents were required to pay for the broken artwork, but their insurer paid most. The Kansas insurance company has covered the parents of a boy who knocked over a statue worth $132,000. The video of the boy toppling the artwork went viral shortly after the incident happened. The video was used as evidence against the boy and the parents were required to cover the cost of the broken artwork. That said, their Kansas insurance company came through with a payment of $107,000 for the damage caused by the…

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California home insurance is harder to get with each new climate-related disaster

California home insurance - Home in California

Insurers take wildfires, high tide flooding and other issues into consideration before selling a policy. California home insurance is becoming increasingly challenging to find for many homeowners affected by climate-related disasters. Insurers are using climate science to estimate the risk associated with a property when it comes to a number of different perils. Insurers are no longer assuming that homes that were once in low-risk areas continue to be so. The last few years have shown that homes never affected by climate-related disasters are not immune to those events. High…

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Amazon home insurance reportedly a possibility

Amazon Home Insurance - Amazon box

The e-commerce giant is reportedly thinking about offering property owners their own coverage. It wouldn’t come as a shock to many people if Amazon home insurance were to make its way into the market. The company – and its CEO Jeff Bezos – is known for taking their own angle in traditional markets. The online marketplace is reportedly thinking about selling home insurance policies of its own. The Amazon home insurance reports have yet to be officially confirmed. Amazon.com does not typically publicly discuss products it has in development. The…

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Flood insurance program risks expiry (again) as hurricane season starts

Standard homeowners insurance policy may not cover short term rental damage

Seven million homes are at risk of damage from Atlantic storms and coverage may be up in the air again. After already facing a named storm this year, the flood insurance program is back in the spotlight. Yet again, after the disaster – both left behind by weather and in the expiration of the program – in 2017, the coverage program is due to expire. Last year brought record-breaking damages from natural disasters and the full totals aren’t in yet. This year, Americans are feeling less confident about their safety…

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Royal wedding excitement reminds couples to review insurance and important documents

Royal Wedding Excitement - UK flag - wedding rings - hearts

This weekend’s marriage between Prince Harry and Meghan Markle was an important reminder to everyone. Couples around the world swept up in royal wedding excitement are encouraged to look at their own relationships. All the details surrounding the royal wedding were a great reminder to check our own important details such as insurance coverage and wills. We may not need billions in hired security, but we do need to keep our affairs in order. Prince Harry and Meghan Markle planned their wedding over months. Details included everything from the standard…

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Open source insurance policy becomes Lemonade’s new way to stand out

Open source insurance - Lemonade - Lemons

This unique new form of coverage allows anyone to be able to edit the wording and design. AI-powered insurer, Lemonade, has launched a new open source insurance policy. This represents a first in the world. Lemonade is known for its innovative strategies and is often associated with world’s firsts. The policy is meant to be open to the “wisdom of the crowd” in its writing and creation. The insurance company has launched what it calls Policy 2.0, according to a Lemonade press release. The idea behind this new open source…

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Hawaii lava damage will be covered, says Insurance Commissioner

Hawaii lava damage - Volcano lava flowing

Destroyed homes will be covered by standard homeowners policies, according to Gordon Ito. The Hawaii lava damage caused by Kilauea’s eruption will be covered by homeowners insurance policies, said Hawaiian Insurance Commissioner, Gordon Ito. Ito made it clear that homes damaged or destroyed by the lava flow into a Big Island neighborhood will be covered. This should come as a relief to homeowners previously uncertain as to their coverage, as reported by Live Insurance News. Ito has been Hawaii’s insurance commissioner since 2010 and is NAIC Western Zone chair. Ito…

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This weekend, review your homeowners insurance for Hurricane Preparedness Week

Hurricane Preparedness Week - Hurricane in Key West

Saturday and Sunday are wrapping up the awareness week to remind us to be ready for weather. Hurricane Preparedness Week is coming to a close, but it’s time to take what we’ve learned and put it into action. The only way this awareness week will have been a success is if you make the right changes to keep yourself safe. This week includes a number of things to prepare for an emergency, such as reviewing your policies. The insurance industry likes to take the opportunity of Hurricane Preparedness Week to…

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Hawaii volcano insurance coverage becomes serious concern

Hawaii volcano insurance - errupting volcano in Hawaii

Residents of the side of the Big Island closest to Kilauea have been forced to evacuate. Hawaii volcano insurance has become a central topic in the state following earthquakes and Kilauea’s eruption. Several more quakes have been followed by new fissures opening. As residents have complied with a mandatory evacuation, the next worry is the damage. Dozens of structures have already been destroyed by the lava spraying across the Hawaiian neighborhoods, according to a CNN report. The report revealed that not all homeowners insurance policies in the affected area necessarily…

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Wildfire insurance problems persist 2 years after Canadian Fort McMurray Disaster

Wildfire insurance problems - Forest Fire

After flames ripped their way through entire neighborhoods of the Alberta town, rebuilding is been slow. Two years after the devastating Fort McMurray fire in Canada, wildfire insurance problems continue to plague homeowners. In fact, only 20 percent of the destroyed homes are rebuilt. The northern Alberta saw 2,579 homes completely destroyed by the wildfire that struck in 2016. The destruction produced the highest wildfire costs in Canada until that time, as Live Insurance News reported. Donations to support those whose homes were ravaged poured in from across the country…

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