Tag: Flood Insurance

Climate change and severe weather could increase insurance rates for everyone

Nordstrom
climate change extreme weather drought storms

Even homeowners who don’t reside in areas struck by recent hurricanes could feel the pinch. Homeowners across America wouldn’t likely be surprised to hear that climate change and the severe weather coming with it could raise insurance rates in areas like Florida and Texas. That said, just because an area wasn’t struck by Harvey or Irma, it doesn’t mean rates won’t rise there, too. Motorists and homeowners throughout many U.S. states will likely watch premiums rise over the next while. Insurance companies are being increasingly affected by climate change. Severe…

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Hurricane Irma insurance losses may be far lower than first predicted

G. Turner
hurricane irma insurance losses

Initial forecasts plotted a far more destructive path for the storm than was actually the case. Following predictions of apocalyptic Hurricane Irma insurance losses, it appears as though the storm may be costly, but nowhere near the worst case scenario. It’s still far too early for specific totals, but recent figures suggest they may be as low as $10 billion. Randy Binner, an insurance analyst, explained that while initial projections for Hurricane Irma insurance losses were as high as $100 billion, this has now been reduced to between $10 billion…

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Mar-A-Lago carries NFIP flood insurance protection

Logan B.
Mar-a-Lago NFIP

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…

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Hurricane Irma may force Florida’s private flood insurance market to prove its mettle

Julie Campbell
hurricane irma - florida private flood insurance market

Residents of the state are preparing to protect their properties and loved ones against the approaching storm. As Hurricane Irma makes its way through the Caribbean and ever closer to Florida, the insurance industry is bracing itself. This is particularly true of the private flood insurance market in the state. Advocates say Florida’s market is a solid model for making federal flood insurance coverage more affordable. Should Hurricane Irma make landfall in Florida, as the hopes and prayers go out to residents for their safety and to avoid damage to…

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Rising extreme weather risk places property insurance in uncomfortable position

Nordstrom
extreme weather risks trend insurance industry

An increase in severe storms, flooding, wind, wildfires and other disasters are driving claims skyward. Flooding and wildfires are making massive headlines this summer and this extreme weather risk is placing considerable pressure on the property insurance industry. These types of disaster are spiking the number and cost of business and homeowners insurance claims. In fact, the extreme weather risk may have a greater economic toll on the insurance industry than any other industry in the world. Though insurers have been increasingly aware of the threat of climate change with…

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