Flood insurance program risks expiry (again) as hurricane season starts

Standard homeowners insurance policy may not cover short term rental damage

Seven million homes are at risk of damage from Atlantic storms and coverage may be up in the air again. After already facing a named storm this year, the flood insurance program is back in the spotlight. Yet again, after the disaster – both left behind by weather and in the expiration of the program – in 2017, the coverage program is due to expire. Last year brought record-breaking damages from natural disasters and the full totals aren’t in yet. This year, Americans are feeling less confident about their safety…

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2018 Hurricane Season should be an average one, says Munich Re

2018 Hurricane Season - Hurricane - Storm - Florida

The Germany based reinsurer is predicting fewer storms than 2017’s record breaking year. Munich Re is predicting an average 2018 Hurricane Season. This comes as somewhat of a relief following the record-breaking destruction left behind last year. The 2017 season brought insurance companies approximately $135 billion in costs. Munich Re is the second largest reinsurance company in the world and releases its predictions publicly. The world’s second biggest reinsurance company predicts that there will be notably fewer powerful tropical storms in the 2018 Hurricane Season than there were last year.…

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Homeowners insurance sector could see some turbulence this hurricane season

Homeowners Insurance

NOAA predictions could bode ill for homeowners insurance sector Hurricane season is nearly here, and that could mean trouble for the U.S. east coast. The National Oceanic and Atmospheric Administration (NOAA) has issued a new report concerning the arrival of hurricane season and what that could mean for states along the Atlantic Ocean. Hurricanes have proven to be a major concern for the U.S. over the past few years, especially when it comes to homeowners insurance and flood coverage. Hurricane Sandy is the most recent example of the damage that…

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Senator Schumer takes aim at insurers in wake of Hurricane Sandy

Senator Schumer hurricane sandy

Senator Schumer troubled over actions of insurance companies Hurricane Sandy has caused a lot of trouble for insurance companies, consumers, and state governments in the Eastern U.S. New York, in particular, has seen a great deal of these troubles manifest in the wake of the powerful storm. With storm surges causing widespread flooding and damages being done to homes and other properties, the state is reeling from the impact of Hurricane Sandy. Senator Charles Schumer believes that the troubles are just beginning for the state, however, especially as insurers look…

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Crop insurance comes under fire in the midst of U.S. drought

US drought 2012

Drought highlights the controversy surrounding crop insurance The worst drought in 60 years has established a stranglehold in the U.S. The severity and persistence of the disaster is threatening to cause widespread food shortage as the country’s corn and soybean crops begin to suffer. The onset of the drought has brought attention to the country’s crop insurance program. The program was initially formed as a way to provide farmers with the protection they needed but has been subjected to several changes throughout its existence. Now, concerns are rising over the…

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Tropical Storm Alberto puts insurers on alert ahead of hurricane season

Hurricane Season 2012 - Tropical Storm Alberto

Tropical storm forms ahead of official start to hurricane season Hurricane season in the U.S. does not officially begin until June 1, but the season’s first tropical storm has formed off the coast of South Carolina. The storm was reported by the National Hurricane Center in Florida, which noted that the storm boasts of 50mph winds with more powerful gusts at the time it had formed. Though the storm was not expected to gain any strength during its lifespan, it did raise concerns within the insurance industry, which has been…

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U.S. to be a “weather-ready” nation as the federal government takes measures to guard against destructive weather

To date, the cost of natural disasters befalling the U.S. has reached $35 billion. The year is not yet over and the National Oceanic and Atmospheric Administration (NOAA) predicts several turbulent storms crowding the horizon. While there can be no guarantee whether these storms will actually come to pass, the federal government is not willing to suffer more losses at the hands of nature. NOAA, along with the National Weather Service, is now tasked with making the nation “weather-ready.” The initiative aims to provide protection to communities throughout the nation…

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