Homeowners insurance costs from U.S. claims experiencing rapid growth

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A report has shown that the costs have skyrocketed over the last decade and a half. A new report is suggesting that the costs associated with homeowners insurance claims in the United States have been rapidly on the rise over the last 15 years, particularly because of the increasing frequency and severity of the filings that are being made. The report shows the results of a study performed by the Insurance Research Council. It was entitled “Trends in Homeowners Insurance Claims,” and it examined the trends in claims that were…

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Connecticut looks to strengthen its defense against natural disasters with new legislation

Connecticut’s governor, Dannel Malloy, has announced that he will be introducing new legislation that could establish new performance standards for the state’s utilities companies. These new standards would require utilities companies to adopt more assertive practices in the event of natural disasters and other emergency situations. The recent spate of catastrophes in the U.S. has led to the formation of the legislation, especially as insurers warn that disasters could have significant and long lasting effects on the state’s economy. Hurricane Irene struck the state in April last year, causing significant…

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Insurers will make over $2.2 billion in payments for Joplin claims

To date, insurers have made more than $2 billion in payments to cover claims relating to the tornados in Joplin. According to the organization that assembles catastrophe insurance loss predictions, Property Claims Services, the total payouts for the Joplin disaster should pass the $2.2 billion mark. Insurance Information Institute spokesperson, Robert Hartwig, said that this amount is where the numbers from the payments are headed, and it is what insurers are expecting to have to pay. This includes “actual dollars disbursed, plus the dollars insurers have earmarked or put in…

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