Will this season underscore the importance of hurricane insurance

Hurricane insurance - Hurricane Ahead Sign in water
News Bulletin: US asks insurers to ...
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This weekend presents a reminder of the importance of obtaining coverage before storms happen. Hurricane insurance is once again in the spotlight as the upcoming long weekend is expected to include the naming of two Atlantic storms as the season approaches its peak. This serves as a reminder of how important it is to have the right coverage in place at this time of year. This season has seemed exceptionally quiet, without a named storm having occurred by the start of September. That said, it is far from over and…

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Higher cost of flood insurance causes massive coverage dropping trend

Flood insurance - Goodbye - beach

FEMA’s program overhaul in 2021 sent prices skyward, causing hundreds of thousands to drop out. In 2021, the Federal Emergency Management Agency (FEMA) conducted an overhaul of its National Flood Insurance Program (NFIP) to encourage homeowners to purchase coverage due to the more precise risk their property faced from flooding. So far, the result appears to be rising rates and hundreds of thousands of people dropping existing coverage. Homeowners that had been purchasing their flood insurance coverage through FEMA have widely dropped their policies, leading to a concerning number of…

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Flood insurance uncommon among Kentucky homeowners under water

Flood insurance - home in water

With dozens of people dead and rain still in the forecast, the area hasn’t been known for this type of flooding. Regions of Kentucky have suffered profoundly as a result of extensive and ongoing flooding, a situation that has only been made worse because there is very little flood insurance coverage throughout the affected areas. Hundreds of homes flooded, primarily badly, and residents were left waiting to assess the damage. While flood insurance is often purchased in parts of the country at a higher risk of damage from these natural…

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Some Oregon home policy rates to rise due to wildfire insurance risk

Wildfire insurance - Oregon Sign - Home Insurance - Fire

The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…

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Louisiana home insurance coverage at risk as Atlantic hurricane season picks up

Louisiana home insurance - Hurricane Season

The state is facing problems that have been compared to the coverage crisis in Florida. As has been the case in Florida’s market, Louisiana home insurance struggles are leaving thousands of residents of the state wondering how to find coverage. The need is becoming particularly urgent as the US predicts a busy Atlantic hurricane season. Meteorologists have been warning that the Atlantic hurricane season will be an active on this year. With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…

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Earthquake insurance claims cause the third highest number of consumer complaints

Earthquake insurance - Complaints

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

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Lightning insurance claims were highest in these 5 states last year

Lightning insurance

About 9,000 customers filed for this type of damage with State Farm last year, for a total of $107 million. Last year, State Farm paid almost 9,000 lightning insurance claims to homeowners’ policyholders, who received a total of about $107 million to repair the damages caused. Some states have seen substantially more claims of this nature than others across the country. According to State Farm, the states that experienced the most lightning insurance claims were:  Texas, with $7.7 million in total claims. Georgia, with $7.3 million in total claims. California,…

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