As the storms of the south begin to relent, residents are beginning the long, arduous path towards recovery. Insurers have assessed the extent of the damage and are reporting insured losses could cost billions of dollars. The recovery efforts will be nothing short of massive. The National Weather System has accounted for nearly 200 tornadoes having formed during the worst of the storms – the highest number of tornadoes that has occurred in the region in over 50 years. Coupled with hail and wind storms, the damage throughout the Southeast…
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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 MoreFlorida Insurance: Controversy over new property insurance bill
Florida Governor Rick Scott has been the subject of public scorn recently after pressuring the state’s lawmakers to form a bill that would significantly cut the number of policies that could be written by Citizens Property Insurance Corp. Scott has voiced his determination to reduce Citizens’ role in the state’s insurance industry for some time. He denies that his goal is the closure of the insurer, however. The Governor says that he recognizes the value of the insurer but insists that some changes need to be made to justify its…
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