State Farm, one of the nation’s largest insurance companies has released information regarding the cost of a number of weather-related catastrophes that have caused widespread damage this year. These disasters, coming in the form of floods, hurricanes and earthquakes, have taken a heavy toll on the insurance industry as a whole. Earlier in the year, State Farm attempted to mitigate the damage caused by an outbreak of tornados and hail storms that swept through the Eastern U.S. This past summer brought more trouble, however, with wildfires in Texas and tropical…
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Americans are only at the beginning of weather related expenses
J.D. Power and Associates has released the results of study that indicated that a sizeable percentage of consumers who are in weather disaster-prone regions do not have adequate home insurance coverage. The United States may be the richest country in the world, but severe weather can still threaten its people and businesses. There are two primary socio-economic issues that impact the amount of economic loss that results from this type of catastrophe. They are: value at risk and population exposure. The 2011 U.S. National Homeowners Insurance Study showed that even…
Read MoreHurricane Irene expected to birth higher insurance premiums in the East Coast
Hurricane Irene has come and gone but the storms effects may linger for several years. To date, the storm accounts for an estimated $7 billion in damages throughout the East Coast, making it one of the most costly natural disasters to strike the nation. The costs of damage are expected to influence property insurers who have long been leery of offering coverage to homes and businesses in risk prone areas. Consumers may be seeing higher premiums this year as a result of the hurricane. Higher premiums have been the theme…
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