In light of the recent occurrences of severe and destructive weather, the Insurance Commissioner of Arkansas, Jay Bradford, has announced a moratorium for policyholders residing in the most affected areas of the disaster. The Arkansas Insurance Department issued a bulletin to the states insurers informing them of the 60-day moratorium. The initiative will target those who have not paid their latest round of premiums. The Department is urging residents to contact their insurance providers to see if they qualify for the moratorium. Bradford hopes that the move will help ease…
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Could be just the beginning as deadly storms rip through the U.S.
Spring storms tore through the southern portion of the states last week leaving massive damage and loss of life in its aftermath. Virginia is no stranger to bad weather; over the last sixty years, they’ve had almost 600 tornados. But the previous storms were not like this one. Initial figures have eleven deaths total, and over 7.5 million in damages in one county. Virginia is used to getting thunderstorms and even tornados. However, most are EF1, or an EF2 and short lived. They don’t stay formed for very long and…
Read MoreEarthquake insurance rates set to increase in certain areas
Spurred by news of recent earthquakes that rocked New Zealand and Chile, as well as tumblers felt in the United States, State Farm has been raising their rates for earthquake coverage. The recent wave of tremors in Arkansas has provoked the insurer to make the first significant raise in its rates in the state in 15 years. The premiums were unchanged from 1997-2007. Adjustments were made in 2008 and again in 2010, but were relatively minor. Spokesman for State Farm, Gary Stephenson, says that insurance premiums change all the time.…
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