In the Northeast residents without flood insurance may be in for a rude awakening

A major hurricane has not made landfall on U.S. soil since 2008, but Hurricane Irene has broken that period of peace. As the first real hurricane of a supposedly active season, Irene seems to be making up for lost time. The storm has already reached Category 3 and is expected to reach the Carolina’s by Thursday. The hurricane will continue moving north, making its way through Long Island, New York and other states. The coming storm has raised concerns regarding insurance coverage as many come to the dire realization that…

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Irene Strengthens to Category 3 Hurricane as it Advances Into the Bahamas

BOSTON, Aug. 24, 2011 — As of the National Hurricane Center’s 8:00 am EDT advisory, Category 3 Hurricane Irene is battering the southern Bahamas with sustained winds of 115 mph. According to catastrophe modeling firm AIR Worldwide, Irene is currently 55 miles southeast of Acklins Island and 335 miles southeast of the capital Nassau. The storm is moving to the west-northwest at 9 mph. The center of the storm is headed directly for the Crooked and Acklins Islands, both sparsely populated (estimated population about 880 combined) and characterized by agriculture…

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Reports on millions paid for April tornado mayhem

Another insurance company has released their report of estimated losses from the April tornado outbreak. State Auto Financial Corp. is estimating between 75 and 85 million in catastrophe losses as a result of more than 15 thousand claims. This is around 30 million dollars higher than their average five year catastrophe losses of 50 million. Twenty of State Auto’s operating states were affected by five different disasters last month. Claims for property damage and vehicle damage from tornados and storms that produced large hail and high winds. State Auto Financial…

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Hawaii’s hurricane fund in jeopardy of being drained

Hawaii may lose their state hurricane fund in an attempt to balance a 232 million dollar deficit. The fiscal year ends in three months and state officials are scrambling to find a way to balance the budget.  One approach that is being considered is to use part of, or all, of the 117 million dollars sitting in the hurricane relief fund. The state fund was started after the 1992 disaster from hurricane Iniki, which caused most insurers to stop writing policy coverage for hurricanes and related damage.  It took 10…

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