Live Insurance News

As floodwaters rise in California, flood insurance covers few homeowners

January 26, 2023January 25, 2023 Nordstrom

Flood insurance - Home near rising waters

Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…

Louisiana home insurance special session called by Governor John Bel Edwards

January 25, 2023January 24, 2023 G. Turner

The governor is hoping this special legislative session will set the state up to overcome its crisis. Louisiana Governor John Bel Edwards has called a special session of the state Legislature to take control over the home insurance crisis. The session is slated to start on January 30 and will continue until no later than February 5. The governor’s move aligns with Insurance Commissioner Jim Donelon’s statement made to a key legislative committee last Friday, when he said that a special session will be critical to overcoming the property and…

Louisiana faces home insurance “crisis” as more companies leave

January 20, 2023January 18, 2023 G. Turner

Over 20 insurers have exited the state or have gone bankrupt within the last two years. Thousands of Louisiana residents are struggling to find affordable home insurance coverage as insurers continue to leave the state following years of catastrophic storms. The storms have been increasing in both frequency and intensity, leaving expensive damage behind. Louisiana has been the center of the destruction and devastation left behind by several major storms in recent years. As a result, the cost of doing business in the state has been skyrocketing for home insurance…

Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

January 16, 2023January 16, 2023 H. Cutner

Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

State Farm’s top location for frozen pipe damage isn’t where you’d think

January 10, 2023January 9, 2023 Julie Campbell

The insurer has released a list of the top states where water pipes have burst from cold. State Farm has released a list of the top ten states for frozen pipe damage and winter water losses for 2022, and the location at the top of the list might surprise you. Texas was, by quite a large amount, the most expensive state for such damages. Texas claim costs of this nature through State Farm reached approximately $64 million in 2022. As high as the frozen pipe costs were in Texas last…

Steps to follow if your house is flooded after a frozen pipe

January 5, 2023 Guest Author

frozen pipe home flood insurance and what to do

If just a frozen pipe has occurred. Be sure to switch off the main water valve and open any faucets connected to the freezing pipes. This will reduce pressure on the pipes and help prevent flooding if they burst. If the pipe is visible, use a hair dryer or space heater to safely thaw any ice blockages. Carefully inspect all exposed pipes for leaks – even with the water turned off, pressure can reveal a leak once it’s been thawed. It is recommended that you contact a professional plumber equipped…

Colorado homeowners scramble to find affordable wildfire insurance

January 5, 2023January 4, 2023 Nordstrom

Wildfire insurance - Homeowners Coverage

State lawmakers are pursuing a government-run plan for property owners to use as a last resort. Residents of Colorado are well aware of the importance of wildfire insurance, following several years of major blazes. That said, they are struggling to find the coverage they need, particularly at an affordable price. State Representative Judy Amabile (D) has seen her own neighbors and constituents struggling. “I am starting to hear some of my neighbors are not getting renewed and I would have never dreamed I was at risk of a wildfire,” said…