Live Insurance News

Hurricane insurance lesson learned by residents of Connecticut

September 5, 2012April 30, 2013

Tropical Storm Irene had shoreline residents discovering things the hard way. For residents of Connecticut, who live along the shoreline, if previous storms had not taught them the lesson about the necessity for hurricane insurance, it was likely learned as a result of Tropical Storm Irene. The first issue was the complexity of a large type of claim on a policy. When a claim must be made on hurricane insurance, if it is a very large one, there are many issues that must be considered and this can make for…

Flood insurance still hasn’t been purchased by some homeowners

August 15, 2012August 15, 2012 Julie Campbell

As hurricane season enters its peak period, warnings have been issued to those individuals. The most active part of the Atlantic hurricane season is now underway and homeowners who have not yet purchased flood insurance are being cautioned to do so as soon as possible. They are being warned that homeowners insurance may not cover the flooding from the storms. With a flood insurance policy, the property is covered against storm surges in addition to the torrential rains which can cause significant flooding. The Insurance Information Institute has explained that…

Hurricane insurance in Louisiana takes center focus for Citizens

August 14, 2012April 30, 2013

The insurer of last result is concentrating on settling severe weather lawsuits. Citizens Property Insurance Corp. in Louisiana is working to negotiate the settlements of the last two hurricane insurance class action lawsuits that it has been handling regarding the claims from Katrina and Rita. The board has voted to authorize two settlement negotiator groups to work on establishing agreements. According to the CEO of Citizens, Richard Robertson, “The board really would like to get these cases resolved and move forward.” Any of the proposals that are made will be…

Hurricane insurance misunderstandings may damage family storm readiness

August 11, 2012August 10, 2012 Julie Campbell

As the severe weather season continues, homeowner misconceptions are reducing preparedness. Experts are saying that as the Caribbean heats up for the season, there are still many people who aren’t adequately informed about hurricane insurance, to the point that proper preparation for the storms is being derailed. They have released recommendations for preparedness that don’t just stop at food and water. That said, some of the top recommendations for being ready for the severe weather includes storing a week’s worth of food and water for every person in your home.…

Hurricane insurance payout in Louisiana tops $104 million

July 25, 2012July 25, 2012 H. Cutner

Judgment is with regards to class action suit regarding claims from Katrina. The Louisiana Citizens Property Insurance Corp. has been ordered to pay $104 million to over 18,500 of its hurricane insurance policyholders following a class action suit judgment against the insurer’s slow adjustment of the Katrina and Rita claims in 2005. The money was transferred to the plaintiffs’ attorney, Fred Herman, on Monday. According to Herman, the plaintiffs who are eligible to receive a portion of the payout should expect to receive their checks within the upcoming three to…