Five Natural Disasters You Need to Be Insured Against

Five Natural Disasters You Need to Be Insured Against

In the past few years, natural disasters have gone from being freak occurrences to a regular part of life. One of the classic examples in recent years is the wildfires that tear through California every year now with scary regularity. As climate change worsens, it is important that your business is fully insured against natural disasters, no matter whether you live in a disaster zone or not. In order to help you get insured as best as possible, then it is necessary to read this guide about disasters to be…

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Wildfire prone property insurance bill in California due for hearing

Wildfire prone property - home on fire - firefighters

The bill is expected to be heard in upcoming weeks as opposing sites prepare for major battle. A new California bill, the outcomes of which will have a lot to say about coverage for wildfire prone property in the state, will soon be headed for hearing. The hearing is expected to be a heated one as strong opposing opinions have the opportunity to be voiced. Opponents of this bill are calling it a direct attack on consumer protections in insurance. That said, proponents of the bill claim it is the…

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California wildfire insurance stirs up heat between industry and state lawmakers

California wildfire insurance - forest fire

The state Senate Insurance Committee is taking on the insurance industry regarding this coverage. California wildfire insurance was a hot topic, so to speak, between insurers and the State Insurance Committee. The committee is chaired by Senator Steve Glazer (D), widely considered to be the most moderate senator in the upper house. The Senate Insurance Committee voted on to bills that will dictate the future of wildfire coverage. The vote took place on Friday for the two bills. These bills were designed to make significant changes to the way California…

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Wildfire insurance could continue in Oregon, but at a cost

California wildfire insurance fire season homeowners

The state will be able to continue to purchase its unique coverage, but with a higher deductible and premium. Lloyd’s of London has now offered Oregon wildfire insurance coverage of up to $25 million for the upcoming season, but it will involve a greater expense than in previous years and the deductible will be notably higher. For instance, the coverage that will be provided will kick in only after the state has paid a $50 million deductible. After that deductible has been paid, the wildfire insurance coverage being provided by…

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Fire insurance policy used by Oregon to cover wildfires

fire insurance home

The state has already managed to burn its way through the deductible and is being assisted by its coverage. Oregon has now started to reach into its fire insurance coverage in order to help pay for the rising cost of battling wildfires in the state, and this is the second year in a row that it has been required to do so. This year, the number of acres that have been burned down have exceeded the average of the last decade. In fact, the wildfires in Oregon have tripled the…

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Oklahoma Insurance Department sends aid for Oklahoma fire victims

Creek County Fires

Insurance officials dispatched to Creek County The Oklahoma Insurance Department has dispatched a dozen insurance officials to assist consumers that suffered from the recent wildfires that rampaged through Creek County. The insurance officials will assist those affected by the disaster with claims and provide them with the resources necessary to ensure that their claims are filed appropriately and what steps to take thereafter. The Insurance Department notes that the move is to show Creek County residents that the agency is committed to providing the assistance they may need to navigate…

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Climate change could spark more wildfires around the world

Imaga from Wikipedia Global Warming Map Showing the Hottest Temperatures in the past decade

Insurers becoming increasingly concerns over the effects of climate change Climate change is a highly politicized issue that has generated a great deal of controversy over the years. Though the issue has caused division in numerous industries and within the political world itself, it has been better received by the global insurance industry. Climate change and its potential effects have caused a great deal of concern amongst insurers who have long kept tabs on changes in environments and weather patterns. Because climate change could spur profound financial losses, insurers are…

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