Tag: disaster preparedness

North Carolina’s Biggest Insurance Hike in Years

G. Turner
North Carolina Home Insurance

North Carolina Homeowners Face Rising Insurance Premiums Amid Settlement Agreement North Carolina homeowners will soon see their insurance premiums rise following a recently announced settlement between the state Insurance Department and the insurance industry. The increase will be gradual, averaging 15% statewide by mid-2026. While the new rates are lower than what the industry initially proposed, the settlement demonstrates the growing pressures on insurers as they deal with inflation, costly natural disasters, and other challenges. Understanding the Settlement and Its Impact on Homeowners The settlement reduces what could have been…

Read More

Don’t Sign Anything Yet! California Insurance Commissioner Warns of Fraud Post Wildfire

H. Cutner
California insurance wildfire update on conditions

Wildfires Ravage Southern California: Safety First Southern California faces a devastating challenge as powerful wildfires, driven by intense winds, have scorched over 23,000 acres and forced thousands to evacuate their homes. The fires, which erupted following a windstorm on Tuesday, have also destroyed at least 1,100 structures across affected regions. With lives disrupted and communities left in turmoil, California Insurance Commissioner Ricardo Lara is urging residents to prioritize safety above all else during this difficult time. Lara has advised individuals to avoid entering disaster zones and refrain from making hasty…

Read More

The Push for Stronger Building Codes Before the Next Storm

Live Insurance News
Stronger building codes

The Necessity of Modernizing Building Codes In many storm-prone regions across the United States, outdated building codes continue to leave communities vulnerable to the devastating impacts of natural disasters. As climate change intensifies the severity and frequency of storms, the need for robust building standards becomes increasingly urgent. Recent calls for updating these codes underscore their importance in protecting lives and properties, with particular emphasis on coastal areas regularly battered by hurricanes. Historical Lessons: Hurricane Andrew as a Catalyst for Change The catastrophic damage wrought by Hurricane Andrew in 1992…

Read More

Hawaii’s Governor Green Ignites State Farm Debate and Disaster Fee Proposal

H. Cutner
Governor Green critizising the insurance industry

Governor Green Proposes Visitor Impact Fee for Disaster Insurance Amid Maui Wildfire Recovery In the aftermath of the devastating Maui wildfires on August 8, 2023, which claimed 102 lives and destroyed nearly 4,000 structures, Hawaiian Governor Josh Green has proposed a visitor impact fee to fund state disaster insurance. This initiative aims to ensure Hawaii’s resilience in the face of future natural disasters while addressing the immediate needs of those affected by the recent fires. Criticism of the Insurance Industry With an Emphasis on State Farm Governor Green has criticized…

Read More

Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

G. Turner
Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

Read More