As FEMA prepares to release its revised flood maps the agency is issuing information to states that may be affected by the changes. North Dakota has recently received such information, which may have more people clamoring for insurance coverage when the flood map is released. FEMA’s flood maps are important to both home owners and insurance companies in order to determine the necessity and value of flood insurance. With major storms causing widespread flood damage, FEMA has been keen to make changes that are meant to help people protect their…
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Tropical Storm Nate Makes Landfall in Mexico
BOSTON, Sept. 12, 2011 – According to catastrophe modeling firm AIR Worldwide, Tropical Storm Nate finally picked up speed over the weekend and made landfall on Sunday at around 11:00 a.m. EDT near the town of Tecolutla (population 25,000) in the eastern state of Veracruz, Mexico. Nate failed to achieve hurricane status, coming onshore as a minimal tropical storm with sustained winds of near 45 mph. “For the previous several days, Nate had been pulling in a large mass of dry air from Mexico, which prevented its intensification,” said Dr.…
Read MoreAmericans are only at the beginning of weather related expenses
J.D. Power and Associates has released the results of study that indicated that a sizeable percentage of consumers who are in weather disaster-prone regions do not have adequate home insurance coverage. The United States may be the richest country in the world, but severe weather can still threaten its people and businesses. There are two primary socio-economic issues that impact the amount of economic loss that results from this type of catastrophe. They are: value at risk and population exposure. The 2011 U.S. National Homeowners Insurance Study showed that even…
Read MoreAllstate New Jersey Insurance Company give homeowners advice for post-Irene home repair
Following the flood, winds, and related damage from Hurricane Irene, Allstate New Jersey Insurance Company has made their suggestions regarding the best ways to ensure that homeowners are protecting themselves against scams from unscrupulous contractors. The suggestions made by the insurer include the following: • Don’t rush when making the choice for the right contractor – take your time and do your homework. • Obtain estimates from a number of contractors who are licensed and bonded. • Verify the contractors claims regarding their credentials through the use of the Better…
Read MoreNew York insurance chief holds insurers accountable for flood damage throughout the state
New York’s insurance chief has issued a warning concerning insurance companies and Hurricane Irene. According to Benjamin Lawsky, Superintendent of Financial Services, some insurers are trying to avoid paying for damages caused by flooding spurred by the storm. Lawksy’s warning is not targeted at consumers but at the companies that are offering flood insurance. He says that no company should consider denying payments because the damage to homes and businesses are so clearly the result of flooding. Some insurance companies are seeking to enforce what they call “hurricane damage” deductibles.…
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