Insured Hurricane Dorian damage could bring $25 billion in losses to the industry

Hurricane Dorian Damage - Damage from Hurricane

UBS research shows that insurers may face tens of billions in losses because of the intense storm. Hurricane Dorian damage may cost over $25 billion in claims payouts from insurance companies, according to international financial services firm U.B.S. Damage to the Bahamas, the US coast and Canada was widespread and substantial. The bank had initially predicted that there would be between $5 and $40 billion in damage caused by the storm. More recently, U.B.S. narrowed its forecast to $15 billion as more specific Hurricane Dorian damage data became available. Now,…

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Insurance news from Superstorm Sandy continues a year later

hurricane sandy flood insurance news

Many homeowners are still waiting and fighting with FEMA to be able to receive payouts. Though a year has now passed since Superstorm Sandy started making insurance news headlines, there are 88,750 people among the 155,287 who have filed a claim with an insurer or FEMA, who have been deemed unqualified for payments. There are hundreds of homes that were demolished during the storm that remain off-limits. Today, the insurance news has transformed from the initial devastation that occurred as a result of the storm, into the ongoing battle that…

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Hurricane insurance claim deadline looms

Hurricane insurance Isaac 2012

Policyholders who intend to make a claim related to flooding from Isaac must do so by today. Today marks the last day in which residents of Louisiana will be able to make hurricane insurance claims relating to losses from flooding that occurred as a result of Isaac. The National Flood Insurance Program has already applied three extensions to this deadline. Typically speaking, hurricane insurance for flooding has a claims deadline of 60 days from the time of the loss itself. However, the NFIP has given three different extensions to provide…

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Hurricane Sandy beats Katrina in claims

Hurricane Sandy Flood Insurance New York Storm

Hurricane Sandy generating more claims than Hurricane Katrina Hurricane Sandy may be little more than a bad memory for some, but the insurance industry is still reeling from the impact of the storm. The storm struck eastern states very hard, generating massive storm surges that caused widespread floods in New York and its neighboring states. Hurricane Sandy generated thousands upon thousands of flood insurance claims. The National Flood Insurance Program is reporting that it has received more claims than it had seen from 2005’s Hurricane Katrina. Sandy shows more in…

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Insurance news from Hurricane Sandy reveals many struggling with lack of coverage

Homeowners flood Insurance

Uninsured homeowners, renters, auto and business owners are facing massive losses. Though Hurricane Sandy left devastation along the eastern coast of the United States, those who are making insurance news with the most acute financial struggles are the people who did not have coverage for what was lost. Those with policies may have deductibles to face and a long road of recovery ahead, but they’re the lucky ones. When the insurance news involves individuals who have a policy, it is tragic that their home was damaged or that possessions were…

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Homeowners insurance claims could take several weeks to process

Auto Insurance complaints

Adjusters are backed up from thousands of claims from the superstorm. Because of the destruction all along the Atlantic coast of the country, customers with homeowners insurance claims should expect quite a delay before adjusters will be able to make it to their homes to move the process forward. This is especially true among policyholders who have not experienced damage leaving the home unlivable. This is leaving many homeowners insurance customers unable to proceed with the repairs of their homes. Many hesitate to take any action before the adjuster can…

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Homeowners insurance companies are already responding to Hurricane Sandy claims

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

Insurers are deciding whether or not to dispatch mobile claims units. Following the superstorm, homeowners insurance companies are already working to respond to the claims that have already started pouring in, including the decision as to whether or not mobile claims units will be justified and required. They want to process as much as possible before others return to their homes to see the damage. There are still some customers who live in regions where they are not yet able to go back to their homes in order to see…

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