Allstate and State Farm take on tens of thousands of Texas storm claims

Texas storm claims - Snow in city street

The insurers have deployed claim centers and technology to support affected policyholders. As Texas storm claims come rolling in by the tens of thousands, insurance giants like Allstate and State Farm have deployed staff and technology to meet policyholder needs. Allstate has deployed six mobile claim centers into the areas most heavily affected by the storms. The six Allstate mobile centers have been deployed for Texas storm claims in the areas most heavily affected in Dallas, San Antonio, Houston and Austin. Each of them has carefully included COVID-19 safety measures.…

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Climate change is likely increasing flood insurance rates quite a bit this year

Increasing flood insurance rates - Flooding in neighborhood - shops & cars

The federal government is examining the cost of coverage on April 1, with data suggesting premium hikes. Much of the country is expected to see increasing flood insurance rates this year in order to cover rapidly rising costs resulting from climate change, according to new data that will create a substantial political struggle for the Biden administration. NFIP would need to raise its premiums by four times for covering high-risk homes in floodplains. The National Flood Insurance Program (NFIP) will need to send its premiums sky high in certain areas…

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AAA Insurance issues tips to homeowners in the face of nationwide cold snap

AAA Insurance - icicles on home roof

As frigid temperatures descend on states across the country, the insurer reminds of the risk of frozen pipes. AAA Insurance has issued a list of tips meant to help homeowners to protect their homes and possessions from damage that would occur if pipes were to freeze in the recent and upcoming dropping temperatures. The Arctic blast making its way straight through the central US will worsen over the weekend. “Freezing temperatures put your pipes at risk, and recovery can be difficult and costly,” explained AAA Insurance managing director Dan Scroggins.…

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State Farm publishes list of 10 states with highest frozen pipe losses

Frozen pipe losses - pipe frozen with icicles

Water pipes can freeze in parts of the country known for very cold weather, but not always. State Farm Insurance has released a top 10 list of the states most affected by frozen pipe losses. It is serving as a stark reminder that it’s not just the parts of the US known for the coldest weather that can be affected by this costly damage. Homes with both copper and plastic water pipes can suffer from damage from freezing and bursting. Frozen pipe losses aren’t as simple to repair and clean…

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Californians wonder if fire hardening will make it easier to get homeowners’ insurance

Fire hardening - Wildfires

Creating a program to incentivize homeowners to mitigate the risk of wildfires has potential. Californians across the state are trying to do what they can to spare their homes from wildfire risk, and some are looking to fire hardening in the hopes of becoming more acceptable to homeowners’ insurance companies. Insurers are becoming increasingly risk averse in the state when it comes to protecting from wildfire. Californian homeowners have been watching their premiums spiking and many are at a risk of having their coverage cancelled altogether. The wildfires in the…

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Hurricanes and lawsuits to send Florida homeowners insurance rates higher

Florida homeowners insurance rates - home - car - US dollar

Another busy storm season and rising claims litigation explain insurer policy premiums hikes. Florida homeowners insurance rates will be heading upward for policyholders across the central part of the state next year. Insurers point to consecutive active hurricane seasons and a steadily rising claims litigation trend to explain the rising prices. Insurance companies face higher expenses due to the continual record-setting hurricane seasons. The state has suffered damage from several record-setting hurricane seasons. Between those damage claims and the rising lawsuits regarding those claims, insurers are raising Florida homeowners insurance…

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National Flood Insurance Program problems remain despite recent extension

National flood insurance program problems - signing of document

NFIP continues to be riddled with challenges even as the White House pushed its expiry date. Last week, the White House signed a resolution to extend NFIP, but the National Flood Insurance Program problems are still there regardless. NFIP’s latest extension will keep it from expiring until September 30, 2021. Of course, giving it another year hasn’t made all the other National Flood Insurance Program problems disappear. Still, at least it has purchased another twelve months in which to protect those in high risk areas from having to go without…

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