natural disaster insurance Archives

Is your house and home insurance ready for a strong El Niño?

September 18, 2023September 16, 2023 Marc

The last time there was a similar El Niño event, the increased rainfall doubled claims at Mercury. As of this month, the National Oceanic and Atmospheric Administration (NOAA) issued a statement predicting a significant El Niño event, which has insurers bracing for increased home insurance claims. The conditions are already building, and strength is only expected to rise as winter gets nearer. El Niño is a type of abnormally warm Pacific Ocean temperature near the equator. When this happens, though the change in temperature may seem slight, the impact on…

Tornado insurance claims from Mississippi approaching $100 million

April 24, 2023April 22, 2023 Marc

The twister in March left a lengthy path of destruction through several parts of the state. The tornado insurance losses from the twister that ripped through parts of Mississippi in March are rapidly climbing, to the point that they are now nearing $100 million. Uninsured losses from the damage are expected to be even greater than those that are covered. The Mississippi Delta experienced particular damage from the storm, and it is among the poorest regions of the United States. As a result, tornado insurance coverage in the area hardest…

It’s that sewer backup insurance time of year again

March 27, 2023March 24, 2023 Marc

Springtime is a big reminder of why this type of additional coverage can be very worthwhile. Springtime comes with melting snow and heavy downpours while the ground is already saturated with moisture, reminding many people of the importance of sewer backup insurance for their homes and businesses. This is a common time of year for people to find that there is water on the lower level of their homes. Basements are at a particularly high risk but in some areas, where the water levels are high enough, the ground floor…

As floodwaters rise in California, flood insurance covers few homeowners

January 26, 2023January 25, 2023 Nordstrom

Flood insurance - Home near rising waters

Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…

Colorado homeowners scramble to find affordable wildfire insurance

January 5, 2023January 4, 2023 Nordstrom

Wildfire insurance - Homeowners Coverage

State lawmakers are pursuing a government-run plan for property owners to use as a last resort. Residents of Colorado are well aware of the importance of wildfire insurance, following several years of major blazes. That said, they are struggling to find the coverage they need, particularly at an affordable price. State Representative Judy Amabile (D) has seen her own neighbors and constituents struggling. “I am starting to hear some of my neighbors are not getting renewed and I would have never dreamed I was at risk of a wildfire,” said…

Connecticut flood insurance rates rise, and fewer homes are covered

October 7, 2022October 5, 2022 Logan B.

Flood insurance - Welcome to Connecticut Sign

Though the last 12 months have been essentially free of flooding, there have been several near misses. Even though there have been only 18 Connecticut flood insurance claims filed in the last 12 months ending at the close of June, the rates in the state will still be rising. The rates are causing many state residents to take the risk without coverage for their properties. There have been several recent reminders that storms are fierce and quite close – Hurricane Fiona washed full structures away in Nova Scotia and other…

Louisiana home insurance coverage at risk as Atlantic hurricane season picks up

July 6, 2022July 5, 2022 G. Turner

Louisiana home insurance - Hurricane Season

The state is facing problems that have been compared to the coverage crisis in Florida. As has been the case in Florida’s market, Louisiana home insurance struggles are leaving thousands of residents of the state wondering how to find coverage. The need is becoming particularly urgent as the US predicts a busy Atlantic hurricane season. Meteorologists have been warning that the Atlantic hurricane season will be an active on this year. With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…