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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…

Gov Desantis signs Florida insurance bill to stabilize the state’s property market

December 22, 2022December 21, 2022 Nordstrom

The intention is to bring stability to the crumbling market, but whether it will work has yet to be seen. Governor Ron DeSantis (R) has signed a new Florida insurance bill into law with the hopes of bringing considerably greater stability to a market that has been experiencing a downward spiral, particularly this year. How much it will work and, if so, when it will have an impact, will be interesting to watch. Among the primary goals of the bill was to help deter Florida insurance claims from ending up…

Florida Senate gives the nod to homeowners insurance overhaul

December 16, 2022December 15, 2022 Logan B.

The changes will involve new lawsuit limits, among others to ease the burden to property owners. This week, the Florida Senate gave its approval to overhauling homeowners insurance in the state, targeting the areas causing property owners – and therefore insurers – the largest amount of pain. The industry in the state will be undergoing a number of critical changes to help lift it out of crisis. Among the changes to the homeowners insurance industry that received approval include a new limit on lawsuits. There are also changes designed to…

Insurance companies want consumers to do these things every day

December 12, 2022December 9, 2022 Julie Campbell

Insurance companies - Holiday lights on house

The holiday season comes with many common risks and insurers are hoping policyholders will avoid them. Insurance companies see a spike in homeowners insurance claims throughout the month of December every year, but this year, they’re hoping to give a heads up to policyholders to save money for everyone. The more claims are filed, the more expensive it is to provide coverage and rates may rise. Claims are expensive not only for insurance companies but also for policyholders when they occur regularly enough. After all, the more expensive it is…