Tag: hurricane damage

Insurance drones will be broadly deployed by Hurricane Harvey claims adjusters

Logan B.
hurricane insurance drones

The use of these unmanned aerial vehicles has been adopted by Allstate, State Farm and other major property insurers. Property insurance companies in Texas and Louisiana, such as Allstate and State Farm, are preparing to use their insurance drones to survey the aftermath of Hurricane Harvey. This insurance technology is expected to have an important role in inspecting commercial and residential damage. The insurance drones will first take to the air early this week, once the last of Hurricane Harvey makes its way out of the regions. If all goes…

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New Texas insurance law may make things harder for Hurricane Harvey victims

G. Turner
flood city texas insurance law

As the very first steps for recovery begin, HB 1774, signed into law by Texas Governor Greg Abbott (R) becomes effective. A Texas insurance law, signed by Governor Greg Abbott back in May, will become effective tomorrow. This, at a time when Hurricane Harvey victims are taking the very first steps toward understanding what they can do to recover. Houston, the fourth most populous city in the United States, may have years of recovery ahead. The Texas insurance law will be changing the way claims lawsuits are handled when they…

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Hurricane Harvey damage to be among “top 10 most costly” for insurers, JPMorgan

Logan B.
hurricane harvey damage global insurance and reinsurance

The financial services company told its clients that the costs could be between $10 billion and $20 billion. JPMorgan informed its clients that the Hurricane Harvey damage left behind in Texas could be as high as $10 billion to $20 billion. This would place it among the “10 most costly” hurricanes to make landfall in the United States, said the company. The storm first struck Texas last weekend and was a Category 4 at the time, before being downgraded. Gradually, it wound itself down to tropical storm status, though it…

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Florida hurricane insurance preparation was effective, say officials

Marc
Florida hurricane insurance rates

The state has said that insurers were responsive to their customers because they were ready. State officials have said that Florida hurricane insurance companies have been responsive to customers. This responsiveness to the damage from two hurricanes this year was the result of preparation. Those hurricanes caused hundreds of millions of damage in that state alone. These were the conclusions shared by the Florida Division of Consumer Services. That division received only 375 calls regarding the way Florida hurricane insurance claims were handled. When taking into consideration that Hurricane Matthew…

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Hurricane flood insurance coverage not carried by many Matthew victims

Logan B.
hurricane flood insurance

Many of the homeowners who experienced damage from flooding don’t have the necessary coverage. Many victims of Hurricane Matthew who have never had a drop of water in their homes before are finding themselves underwater without hurricane flood insurance. Communities well inland and far from flood plains were rescued by firefighters in boats. Though the concern had been seawater driven ashore, it was rain and runoff that caused considerable flooding. Drainage ditches were overwhelmed, sending rising waters into the homes of people without hurricane flood insurance. For many of them,…

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