These states generate the most hurricane insurance claims in the US

Hurricane insurance claims

State Farm released a list of the locations where the severe storms cause the most covered damage. State Farm received 119,000 hurricane insurance claims last year, and they all came from policyholders that had covered properties in 9 states. There was a total of approximately $1.2 billion in claims paid out to the affected policyholders. The hurricane insurance claims were paid for the repair and rebuilding of homes damaged by the storms. The State Farm data from last year include the storms called Henri, Nicholas, and Ida. They impacted 9…

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Auto insurance companies could face another wonky year in 2022

Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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Massive insurance battle results from Russia’s seizure of 400 planes

Insurance battle - Russia Flag - Plane

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle. Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets. The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so. This…

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Why Preparing Your Estate in Your Lifetimes Should be a Priority

Preparing your estate plan in your lifetime should be a priority. Although it’s not something many people want to think about, it is an essential task to complete before you die. Preparing an estate plan means you are able to choose who inherits your assets and all the things that you’ve worked your whole life for. Protect your loved ones by making a detailed plan with all the information they will need, and keep family drama at bay by making it clear which person will get what. Keep loved ones…

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Flood insurance rate increases will affect 81 percent of policyholders

Flood Insurance - Increased Rates

FEMA’s NFIP overhaul was intended to increase premiums primarily for larger, high-value homes. A year ago, when the Federal Emergency Management Agency overhauled the National Flood Insurance Program it expected that larger, high-value homes would see most of the rate increases. It anticipated that about 90 percent of policyholders would either keep their existing rates or would even experience a reduction in their premiums. This month, when the changes went into effect, the situation proved to be considerably different. Now that the changes in the National Flood Insurance Program (NFIP)…

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Florida property insurance special session set to tackle crisis

Florida property insurance - Crisis

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…

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Property insurance expansion approved by Colorado legislature

Property insurance - Colorado - Home

The decision was made to provide immediate and practical assistance due to wildfire losses. Victims of Colorado’s wildfires could soon benefit from more assistance from their property insurance companies as the state’s legislature recently approved changes. The goal is to provide policyholders and victims of the wildfires with immediate and substantial help. Should House Bill 1111 be signed into law, it will mean that the number of lost property insurance companies will be required to provide upfront coverage and to lengthen the timeframe victims have in which to apply for…

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