Category: Natural Disasters

Hurricane statistics, floods, fire storms, tsunami, earthquakes – we report the world’s natural disaster events. These life changing events not only rock the industry but leave residents and business owners in dire situations.

Crop insurance claims provide little help to some Maine apple growers

Logan B.
Crop insurance - Person Collecting Apples from Tree

As the harvest season comes to a close, growers have been hit by a massive 50 percent loss. Right after the end of the harvest season, Maine apple growers started filing their crop insurance claims to help cover the losses they experienced during this difficult growing year. Adjusters from their insurers have been visiting the orchards to verify that the facts are as reported. The issue leading to the crop insurance claims occurred back in late May when a snap freeze annihilated the apple blossoms on trees that were just…

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Insurance rates are climbing sharply in hurricane-affected US states

Marc
home Insurance rates on the rises in hurricane states

Insurers are leaving or reducing their selling activities in states where severe storms are common. Though Florida has been the state most commonly in the spotlight as its insurance rates skyrocket due to the increasing risk and cost associated with the rising frequency and severity of hurricanes, other states affected by these storms are also experiencing climbing premiums. Climate change has been raising the risk of hurricane damage while inflation drives up repair costs. This means that while property owners continue to face rising expenses for everyday products and services,…

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Is the lack of flood insurance coverage the next coverage crisis for California?

Nordstrom
Flood insurance - Home on life preserver - California crisis

Thousands of homes may be at risk of flooding, but few are covered against this type of catastrophe. Though we tend to think of wildfires as the main risk to property owners in California, climate change and a majority of homes without flood insurance could create an entirely new crisis in coming years. Many predictions indicate that sea level is expected to rise in many areas of the country, including California. Places like the Bay Area are considered to be at particular risk of this future development. Thousands of families…

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Insurance rates countrywide could be impacted by extreme weather trends

H. Cutner
Insurance rates Rise - Extreme Weather

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

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California examines new home insurance pricing strategy for wildfire crisis

Logan B.
Home insurance - Price Strategy

The state plans to allow insurers to take climate change into consideration when setting their rates. California intends to let home insurance companies factor climate change into the way they calculate their rates, according to the chief regulator for the state. The goal is to help prevent the loss of insurers from the state due to the rising risk of wildfires. Wildfires, mudslides and other natural disasters associated with climate change have become increasingly commonplace and severe in the state. This has wreaked havoc on the coverage industry, which is…

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