Citizens Property Insurance continues to raise rates in Florida

homeowners insurance cost rising

Florida homeowners insurance becoming more expensive due to Citizens Property Insurance Florida did not experience a calamitous storm throughout 2012. While the state did fall victim to some tropical storms, the damage caused by these events was modest when compared to that of Hurricanes Sandy and Irene, both of which caused serious problems along the East Coast. Despite the fact that the state seems to have skirted any major natural disaster, the cost of property insurance in Florida is on the rise, and Citizens Property Insurance may be the reason.…

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Virginia to provide licenses to public insurance adjusters

Public Insurance Adjusters Colorado

Public insurance adjusters to begin receiving licensing next year Virginia insurance regulators are looking to license public adjusters to help manage the flow of claims that the state’s insurance companies receive as a result of natural disasters. The State Corporation Commission’s Bureau of Insurance is expected to begin issuing licenses for public insurance adjusters beginning early next year. Recent natural disasters have proven to generate a high number of claims. A limited number of insurance adjusters means that some of these claims could sit unresolved for extensive periods of time.…

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Hurricane Sandy may cause $20 billion in losses

New York grocery store sold old of water due to Hurricane Sandy

Hurricane Sandy makes landfall, causing chaos Hurricane Sandy is causing havoc in the northeastern U.S. The storm finally made landfall on Monday, striking New Jersey with 115mph winds that pushed water from the ocean into several states along the East Coast, including Virginia, New York, and Maryland. Though the storm is classified as a Category 1, it has already managed to caused a significant amount of damage with just its powerful winds. When the flooding that the storm has caused is factored into its overall impact, Hurricane Sandy could be…

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New Jersey residents pick up more flood insurance in wake of powerful storms

Flood Insurance

Flood insurance gets a boost after Irene With Hurricane Isaac on a rampage, attention is being drawn to flood insurance. In the past two years, damage caused by powerful storms has been punctuated by the sheer lack of flood insurance coverage. For the uninsured, the damage caused by flood presents a financial burden that consumers will have to bear alone. Those that have suffered loss as a result of flooding seem to be taking the matter seriously and are finally heeding the call to obtain comprehensive flood insurance coverage, according…

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Connecticut looks to strengthen its defense against natural disasters with new legislation

Connecticut’s governor, Dannel Malloy, has announced that he will be introducing new legislation that could establish new performance standards for the state’s utilities companies. These new standards would require utilities companies to adopt more assertive practices in the event of natural disasters and other emergency situations. The recent spate of catastrophes in the U.S. has led to the formation of the legislation, especially as insurers warn that disasters could have significant and long lasting effects on the state’s economy. Hurricane Irene struck the state in April last year, causing significant…

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