Tag: natural disasters

Beginner Basics: 7 Things New Homeowners Need to Know About Home Insurance

Guest Author
new homeowners and home insurance

Most new homeowners know that purchasing a house insurance policy is a sensible decision. Those small monthly payments you barely notice coming out of your bank account can save you from financial ruin in the event of catastrophic property damage.  However, some people purchase home insurance policies without doing their homework. Alongside reading the fine print provided by your insurance company, it can be worth familiarizing yourself with the following details:  No Doesn’t Always Mean No Insurance providers are there to help homeowners protect their investments. Unfortunately, that doesn’t mean…

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What Are Insurance Loss Assessors and How Can They Help You?

Guest Author
Highest cost insurance claims

Property damage can be a nightmare to deal with, especially when it comes to filing insurance claims. If you’ve ever had to navigate the complex and often confusing process of filing an insurance claim, you know how frustrating and time-consuming it can be. This is where insurance loss assessors come in. These are the experts who can help you get the compensation you deserve after experiencing damage to your home, property, or vehicle. In this article, we’ll dive into what insurance loss assessors do, how they can make the insurance…

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Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

H. Cutner
Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

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Life insurance policy availability for coronavirus coverage may soon shrink

Logan B.
Life insurance policy - person wearing mask using computer

Insurers feel the COVID-19 pandemic comes with too many uncertainties to offer cover. Life insurance policy sales have been spiking since the start of the COVID-19 pandemic, but the availability of this coverage may not continue as it has been. Insurers have been faced with a sudden and dramatic amount of unknown coverage data. Life insurance policy sales are based on the answers to several questions and the use of actuarial tables to determine each applicant’s rates. However, with the addition of the coronavirus pandemic, the factors influencing what an…

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Citibank hit with $18 million flood insurance penalty

G. Turner
Flood insurance penalty - Citibank building

A U.S. banking regulator requires the bank to pay the fine for failure to comply with coverage requirements. The Office of the Comptroller of the Currency announced this week that it was issuing a flood insurance penalty to Citibank. The bank was reprimanded for having failed to comply with mandatory flooding coverage regulations. The fine is reported to be $18 million as a result of mandatory flood coverage purchase delays. The U.S. banking regulator hit Citibank with the flood insurance penalty in response to mandatory coverage purchasing for properties where…

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