Work group seeks to resolve problems with Alabama’s homeowners insurance market

Alabama homeowners insurance

Alabama continues to struggle with the impact of Hurricane Katrina Many homeowners in Alabama are still struggling to recover from the impact of Hurricane Katrina, some 10 years after the disaster struck. These consumers are facing higher homeowners insurance premiums, as insurers have had to raise rates in order to recover from financial losses associated with Hurricane Katrina. In order to resolve this issue, a new organization has been formed that will seek out a solution to costly homeowners insurance coverage for those living in coastal communities. New work group…

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The insurance industry remembers Hurricane Katrina and the changes it brought

Hurricane Katrina insurance industry

Following that tremendous natural disaster, policies have looked different in a number of ways. The last few days have marked the tenth anniversary of the time when New Orleans was devastated by Hurricane Katrina, in the biggest disaster that the insurance industry had ever seen in the history of the United States. A decade ago, the levees were breached and the city’s protective flood walls caved, flooding 80 percent of the city. A year following the disaster, the population of New Orleans was half what it had been before the…

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National Flood Insurance Program continues to struggle from financial losses

flood insurance rates

10 years after Hurricane Katrina, federal program is still financially crippled More than 10 years have passed since Hurricane Katrina hit the United States, and many homeowners are still reeling from the damage caused by the catastrophe. Homeowners faced one of the most expensive disasters in the history of the country and its insurance industry, with some $80 billion in losses, with another $16.1 billion in flood insurance claims. The hurricane, as well as other storms that hit the country between 2008 and 2012, caused serious problems to the National…

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Homeowners insurance market in Louisiana has healed, says Commissioner

Hurricane Katrina Flood Damage homeowners insurance

According to Jim Donelon, this marketplace has now finally rebounded from Hurricane Katrina. Since Hurricane Katrina and the massive devastation that it left behind, Louisiana has managed to come a very long way in revitalizing its tourism, real estate, and homeowners insurance markets, according to a recent statement from the state’s commissioner, Jim Donelon. The state’s “insurance market has rebounded and flourished” since that terrible time in its past. When Hurricane Katrina smashed through Louisiana in 2005, it left $25 billion in insured losses behind, following 725,000 claims in that…

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Flood insurance is an uncommon solution to a common problem in the United States

This Week’s Trending Topic: Flood insurance in the US is often misunderstood In the U.S., flood insurance is often a misunderstood issue. Many homeowners throughout the country live in regions that can be considered to be at high risk of flooding, either due to heavy rainfall or because of the region’s exposure to hurricanes. While homeowners in these regions of the country are exposed to flooding disasters, very few people actually have flood insurance protection. This could be due to a simple misunderstanding that most people have regarding their homeowners…

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Flash Flooding Causes Serious Damage in Northern Colorado: AIR Worldwide

Flood Insurance News

According to catastrophe modeling firm AIR Worldwide, three days of intense rainfall in many areas of Colorado has resulted in severe, widespread flooding and collapsed homes. The greatest threat is to cities along the Front Range, including the city of Boulder and parts of the Denver metropolitan area. Essentially all water bodies in these areas including ditches, canals, and streams are at capacity with many of them at flood levels. Several roads have been washed away and highways blocked due to landslides, hampering rescue attempts. “Severe flooding began during the…

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Flood insurance in need of modernization in the US

Flood Insurance Report

Report highlights the need to modernize flood insurance The U.S. National Flood Insurance Program is archaic, according to a new report from the National Research Council of the National Academy of Sciences. The report suggests that the flood insurance program is in dire need of modernization and could benefit from better risk management practices in the future. Researchers indicate that how the program manages risks associated with properties behind flood levees is one example of how outdated the program actually is. NFIP risk management seen as outdated In improving its…

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