Initial estimates from the storm’s destruction are now being released, and much of it is not covered. Homeowners in Florida and other states along Hurricane Ian’s path could face uninsured losses as high as $17 billion due to flooding damage, according to new estimates released by CoreLogic. The estimates show that damages not covered by insurance will be between $10 billion and $17 billion. The uninsured losses from Hurricane Ian are expected to be nearly the same as what the covered losses are predicted to be, which is somewhere in…
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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.
Connecticut flood insurance rates rise, and fewer homes are covered
Though the last 12 months have been essentially free of flooding, there have been several near misses. Even though there have been only 18 Connecticut flood insurance claims filed in the last 12 months ending at the close of June, the rates in the state will still be rising. The rates are causing many state residents to take the risk without coverage for their properties. There have been several recent reminders that storms are fierce and quite close – Hurricane Fiona washed full structures away in Nova Scotia and other…
Read MoreHurricane Ian places more strain on Florida’s insurance crisis
Last week’s massive storm could prove to be among the most expensive in the country’s history. It remains too early to know precisely how much damage Hurricane Ian left behind as measured in dollars, but experts from Enki Research expect that the massive storm will likely have caused between $30 billion and $60 billion in damages and economic losses. The storm struck the west coast of Florida at 150 miles per hour and smashed its way through the state. The insurance industry currently predicts that it will face losses of…
Read MoreHurricane insurance companies release post-Ian policyholder tips
As the storm thrashed its way onto the Florida Gulf Coast, insurers were braced and ready with advice. As Storm Ian makes its way across Florida, hurricane insurance companies are hoping to help customers to stay safe and know what to do after the storm has gone by. Though storm surge was the biggest threat along the Gulf Coast, wind and flooding threaten inland. Hurricane insurance companies always recommend making paper copies of policies stored in waterproof cases such as plastic resealable freezer bags. Saving policies online in the cloud…
Read MoreLow flood insurance coverage worrying as climate crisis advances
As losses from flooding skyrocket from one year to the next, uninsured rates are setting up for disaster. Low levels of flood insurance are occurring at a time during which the risk and cost of damage are taking off due to more frequent and more severe events caused by climate change. From 2011 through 2020, insured flooding losses doubled to $80B worldwide compared to the decade before. That said, flood insurance penetration is still sitting at a worrying 18 percent, according to the recent economic insights report focused on flooding…
Read MoreCalifornia signs heat wave ranking and early warning system law
Signing AB 2238 is labeling the state as a world leader in efforts for protection against climate change effects. California Governor Gavin Newsom has signed Assembly Bill 2238 into law, creating the first statewide heat wave ranking and early warning system to help state residents to prepare. AB 2238 was sponsored by Insurance Commissioner Ricardo Lara to help protect Californians. The bill was co-authored by Assemblymembers Luz Rivas, Eduardo Garcia, and Cristina Garcia. It will create the first statewide ranking and early warning system in the country for heat waves…
Read MoreWill this season underscore the importance of hurricane insurance
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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