The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…
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Tips for getting your home ready for the upcoming spring storms
The spring storms are on their way, and if there’s anything that could be learned from the record breaking natural events that occurred last year, it was that it’s very important to be prepared for their arrival. Though there’s nothing that you can do to stop the storms, there are a few precautions that you can take to give you some peace of mind when the big storm strikes. As a reminder, Spring Severe Weather Awareness Week is running from March 25 to March 30, spreading the word about the…
Read MoreTornadoes and storms in Oklahoma create difficult insurance marketplace for consumers and companies alike
The National Tornado Preparedness Summit in Oklahoma City – an event sponsored by the Oklahoma Insurance Department, the National Weather Center, and the National Association of Insurance Commissioners – is expected to draw almost 800 representatives from the insurance industry. According to the Oklahoma Farm Bureau Insurance vice president of public affairs, John Wiscaver, the harsh reality for the state is that throughout the last five years, the marketplace has faced the highest historic loss levels among all organization histories. He stated that earthquakes, hailstorms, tornadoes, and wildfires have all…
Read MoreUnderstanding what is – and is not – covered by tornado insurance
The surge of destructive and deadly twisters last week has put the spotlight on tornado insurance once more, as consumers attempt to understand the type of coverage that it will provide, including why many homeowners are still forced to pay repair bills related to tornado damage regardless of their policies. The Insurance Information Institute has said that the majority of insurance policies for homeowners, businesses, and vehicles will include tornadoes as an element of their standard severe weather and wind coverage. Typically speaking, renters’ and homeowners’ insurance will cover the…
Read MoreEqecat weighs in on the recent storm in Midwest and Southern U.S
Last week’s outbreak of devastating tornadoes in the South and Midwest of the U.S. are likely to cost the insurance industry quite a lot of money. Thus far, no insurer has been keen to release estimates regarding the total cost of the disasters, but risk modeling agency Eqecat is willing to hazard a guess. The acclaimed modeling firm says that this year’s storm season is already looking to be 30% more disastrous and costly than the average of previous years. The firm also notes that tornadoes may be one of…
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