Insurance rates countrywide could be impacted by extreme weather trends

Insurance rates Rise - Extreme Weather

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

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Travel insurance claims abound among those who planned a Maui vacation

Travel insurance Claim form

Travelers who booked trips to the Hawaiian island devastated by wildfires are seeking to cancel. The Maui wildfires are causing people who had intended to travel to the island to look to their travel insurance and credit cards to obtain a refund for the plans they had booked but that they now intend to cancel. Many people who had intended to head to the Hawaiian island now want refunds for their trips. This unfortunate situation is being used by many agents as a reminder to clients about the importance of…

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Insurance losses continue to climb from Maui wildfires

Insurance losses - Home fire - money

Aid has started a slow arrival to the Hawaiian island that has been devastated by the blazes. As Hawaii attempts to cope with the aftermath of the catastrophic wildfires that killed over 100 people and destroyed as many as 2,200 structures, the insurance losses continued to be tallied and are only climbing. The economic impact of what the blazes left behind is also only just beginning to be tallied. The Biden administration announced that it would be sending $700 per household in aid to individuals critically impacted by the Maui…

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State Farm will no longer sell home insurance in wildfire-prone California

Home insurance - House on fire

The giant has announced that it is leaving the state’s homeowners’ market due to high risk and construction costs. State Farm has announced that due to spiking wildfire risks and construction costs, it is leaving selling in California’s home insurance market altogether. The insurer is stopping new sales of the coverage in the state, which it says has become too expensive. State Farm issued an official media release to announce its withdrawal from the home insurance market in California. It stopped accepting business and personal applications on May 27. That…

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Seek wildfire insurance reimbursement, says California’s Commissioner Lara

Wildfire insurance reimbursement - fire burning

Ricardo Lara recommends homeowners and renters carefully record their expenses. California residents who have been evacuated are being encouraged to record their expenses in order to seek wildfire insurance reimbursement regardless of whether or not their properties are ultimately damaged or destroyed. The recommendation was made by Insurance Commissioner Ricardo Lara. Commissioner Lara pointed out that homeowners’ policies will often cover relocation costs, even when not seeking direct wildfire insurance reimbursement for damage or destruction of property. Earlier this month, more than 10,000 lightning strikes over a single weekend led…

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