Hurricane Preparedness Week encourages homeowners to check their insurance

Hurricane Preparedness Week - big waves from hurricane

The industry is reminding property owners to review their coverage and update if necessary. The insurance industry used this week, Hurricane Preparedness Week, to remind homeowners that storm season is on its way. This makes the week the perfect opportunity to go over insurance policies and make changes to prepare properties for what could potentially be an active year. The insurance industry has released lists of helpful instructions to keep customers properly covered. Hurricane Preparedness Week arrives just before the official season begins. That way, homeowners have time to look…

Read More

American homeowners insurance rates have skyrocketed in the last 10 years

American homeowners insurance rates - House

A recent study showed that property owners are paying far more now than a decade ago. Natural disasters occurring over the last ten years are being blamed for a surge in American homeowners insurance rates. Tornado alley has experienced the fastest increase in home insurance premiums in the US. A LendingTree subsidiary, QuoteWizard, looked at data over the last 10 years to explain the steady, sharp increase in American homeowners insurance rates. What they determined was that there has been a series of natural disasters that have kept premiums moving…

Read More

Japanese earthquake insurance has become a popular gift item

Japanese Earthquake Insurance - Earthquake damage

An insurance company in Japan has designed a mobile service letting people gift coverage to each other. Japanese earthquake insurance has become the latest type of digital gift people are giving people with their mobile devices. Messaging apps have been a great way for people to give each other virtual gifts for some time now. An insurance company in Japan has spotted the potential from that trend and has turned their coverage into a virtual gift. This new option is a collaboration between a Japanese insurance company and a messaging…

Read More

Impact of climate change to make insurance prohibitively expensive, says Munich Re

Impact of Climate Change - Damage House

The largest reinsurance company in the world has cautioned that most people won’t afford coverage soon. For several years, insurance companies have been warning that the impact of climate change will be an expensive one. Munich Re, the largest reinsurance company in the world, is now warning that global warming will make insurance too expensive for most people. The reinsurer has already blamed climate change for $24 billion in California wildfire losses. Munich Re chief climatologist, Ernst Rauch, explained in a recent Guardian report that it won’t be long before…

Read More

California wine country flooding leaves thousands of homes and businesses damaged

California wine country flooding - Vineyard at Sunset

The floodwaters have turned two communities in Northern California into temporary islands. California wine country flooding is the worst the region has seen since 1995 when the Napa river reached record peak levels. The rain in Northern California has turned two wine country communities into temporary islands. At the moment, they can be reached only by boat. Thousands of homes and businesses are flooded as rivers across the region crest their banks. The Russian River crested at over 46 feet last week and the water did not recede until later…

Read More

Climate change impact greater than insurance industry’s capacity to offset financial risk

Climate change impact - World in water

The affects of a warming planet will prove to be too expensive for coverage alone to keep up, say analysts. The financial risks associated with the climate change impact may become greater than what the insurance industry can cover, according to a new report. Analysts say that the financial risks are growing, from investing into coal-powered plants to the climbing premiums for flood insurance, the expenses are already rising and will continue to do so. That said, the difference that firms can make to control both the risks and the…

Read More

Last November’s California wildfires caused $11.4 billion in insured damage

California Wildfires - Damage from Fire

Residents of the state have filed many thousands of insurance claims from the Camp Fire. Last year’s record-breaking California wildfires have now generated $11.4 billion in insurance claims. This has made the fires in that month, which ripped their way through Butte County and Southern California, some of the most expensive the state has ever experienced. The Camp Fire killed 86 people and essentially burned the town of Paradise right off the map. Three quarters of the losses from California wildfires in November 2018 were the result of the Camp…

Read More