Will Homeowner’s Insurance Cover Hail Damage?

Insurance Cover Hail Damage

Since you’re living in “hail alley” in Denver, damage to your property due to this meteorological phenomenon kind of just comes with the territory. That being said, it doesn’t make the damage any less frustrating when you have to deal with it. Repairing places around your home, like your roof, can be a financial burden if you’re not appropriately prepared to handle the responsibility. There is a real need for hail preparedness, considering that parts of Colorado receive the “highest frequency of large hail in North America and most of the world.”…

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Allstate catastrophe losses reach $982 million for April and May 2020

Allstate catastrophe losses

In a recent announcement, the insurer showed that May’s figures weren’t as high as those in April. Allstate catastrophe losses have reached $982 million for the combined months of April and May. May alone was responsible for estimated losses of $350 million. This will translate to $277 million after tax. The American insurer had already announced its figures for April, which were an estimated $632 million. In April, the announcement showed that the Allstate catastrophe losses were a notably higher pre-tax estimated $632 million. That would convert to $499 million after…

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Commissioner Lara doesn’t want easier rate changes for home insurance companies

Home insurance companies - home, money, calculator

The California Insurance Commissioner is siding with consumer activists to halt legislation. California Insurance Commissioner Ricardo Lara is taking the side of consumer activists in an effort to stop a bill that would make it faster and easier for home insurance companies to change their rates. AB 2167 passed the state Assembly on Monday by a vote of 56-3. That said, the bill’s opponents say that this would set the stage for home insurance companies to impose substantial premiums spikes for homeowners in parts of the state hardest hit by…

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Fierce Tips for Getting a Home Improvement Loan

home improvement loan

If you have been thinking of upgrading your home then you definitely have to search for the right loan that will make your dreams come true. Every one of us, at some point in our lives, have thought of making some kind of changes to your home, but we have been waiting for the right opportunity. Often this right opportunity is considered to be the point of our financial stability. If you keep you with your finances then you know that making these home adjustments are actually a wise investment.…

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Minnesota looting damage to generate insurance payouts of over $25 million

Looting damage

Protests over George Floyd’s death were particularly destructive to property in his home state. The looting damage and property destruction that occurred in some of the Minnesota protests over the death of George Floyd on May 25 while in police custody will bring insurance companies an estimated bill of about $25 million. This doesn’t take into consideration the destruction that happened in other places across the country. The $25 million estimate was calculated by Property Claim Services, an insurance industry company that tracks catastrophes. The firm labeled the protests as…

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Secondary catastrophic perils on the rise from climate change, says Swiss Re

Secondary catastrophic perils - tornado destruction

Global economic losses from disasters (natural and human-caused) last year reached $146 billion. Secondary catastrophic perils are rising in a measurable way as a result of climate change, said a recent Swiss Re Institute sigma. The sigma was titled “Natural catastrophes in times of economic accumulation and climate change”. Severe weather events were the primary driver of losses overall last year, as was the case in years prior. Last year, worldwide economic losses from disasters broke the $146 billion mark. This represented a fall from 2018’s $176 billion. The ten-year…

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Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood

A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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