Live Insurance News

Navigating California’s Flood Insurance Crisis: What Homeowners Must Know

October 22, 2024October 21, 2024 John Bowers

California’s Escalating Flood Insurance Crisis California is facing another significant challenge in the property insurance sector, this time concerning flood insurance. American National Property and Casualty Company, one of the major insurers, has announced plans to withdraw flood insurance coverage starting in early 2025. This decision will initially impact 271 customers, leaving many homeowners urgently searching for alternative coverage. This development is part of a broader trend in the state, where escalating wildfire and flood risks are prompting insurers to reassess their exposure levels in various regions. Some High Risk…

AIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties

June 3, 2013 Guest Author

BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…

As Hurricane Season Begins, Smartersafer.org urges Congress to Pass Mitigation

June 3, 2013 Guest Author

MEASURES TO PREVENT HIGH COST OF BEING UNPREPARED FOR NATURAL DISASTERS WASHINGTON ‒ With the 2013 hurricane season getting underway today, SmarterSafer.org is urging Congress to begin work on a legislative strategy to promote mitigation incentives that will minimize the financial impact disasters like Sandy. “Now that hurricane season is here, we should be reminded of the terrible cost of being unprepared for severe storms,” said SmarterSafer.org. “It’s long past time for Congress to pursue a national mitigation strategy. These kinds of measures will help save taxpayers billions of dollars…

Maine insurance regulators urging consumers to purchase flood insurance before the stormy season begins

February 24, 2012 Nordstrom

The Maine Floodplain Management Program, a state-run initiative that works in tandem with the National Flood Insurance Program, is urging state residents to purchase flood insurance before the stormy season gains momentum. According to state regulators, floods in Maine are often the result of coastal storms that happen near the beginning of spring and during the hurricane season later in the year. Regulators note that while flood insurance is often very affordable, few consumers have policies because they do not think that such disasters will happen to them. March and…

Army Corps of Engineers warns that last year’s floods could spur yet more damage along the Mississippi River this year

January 31, 2012May 5, 2013

Last year’s record breaking floods along the Mississippi River could put a significant amount of people in danger of similar events this year, according to the Army Corps of Engineers. The events of last year have dealt a significant amount of damage to protective structures that block floods, such as levees and overflow channels. The communities that were affected by these events last year will be notified of the Army Corps of Engineers concerns in February. The Corps has identified several places where floods could be a major problem this…