Tag: hurricane damage

National Flood Insurance Program takes limelight in wake of Sandy

S.Vagus
Flood Insurance

National Flood Insurance Program could be in bad position to deal with Hurricane Sandy The National Flood Insurance Program is being put to the test in the wake of Hurricane Sandy. The federal program is responsible for the majority of flood insurance policies in the U.S., but has been facing extreme financial problems that could threaten its ability to pay claims. The program is currently crippled by massive debt and federal lawmakers have been unable to solve the problems facing the program. Now, the impact of Hurricane Sandy is finally…

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Insurance news after Sandy has stocks tripping and falling

Julie Campbell
Financial Insurance News

Despite the solid report in October, the insurers dropped sharply in the markets. Whether you call it the Superstorm or the Frankenstorm, the impact of Sandy on insurance news has been a significant one, particularly considering the damage it had on the stocks of insurers at the start of November. The Dow Jones industrial average fell by 139 points as more information about Sandy’s costs was revealed. Of course, the falling stocks were not limited exclusively to insurance news, as many large companies – such as Verizon Communications – that…

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Homeowners insurance companies help customers manage Sandy

Julie Campbell
Homeowners insurance fraud storm prevention and claims

Insurers want to make sure that policyholders know what to do after the storm. Although it is very common for homeowners insurance companies to issue statements to remind customers regarding things that they can do in order to help to prepare for upcoming storms, in the case of hurricane Sandy, they are also hoping to give policyholders some advance reminders about what they should do when the storm has passed. It is one thing to try to prevent the damage, but if it happens anyway, many customers feel lost. Pennsylvania…

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Homeowners insurance will likely not be impacted by Isaac

Julie Campbell
Homeowners flood Insurance hurricane sandy damage

It isn’t likely that premiums will change due to the hurricane in Louisiana. According to Louisiana’s insurance commissioner, Jim Donelon, the odds that hurricane Isaac will have any impact on the premiums paid by residents of the state in order to cover their homes is very slim. Donelon stated that it is now estimated that insured damage from Isaac will total $500 million to $1.5 billion. Hurricane Katrina was by far the most costly in terms of homeowners insurance costs. It brought in a total of $25 billion in damages. Rita…

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Hurricane insurance predictions place losses from Isaac at up to $1.5 billion

Hurricane Isaac

The storm brought severe wind and rains to many parts of several states. When Isaac made landfall and then passed through New Orleans, it left a swath of onshore damages that current estimates are predicting to bring hurricane insurance losses of between $500 million and $1.5 billion. This disaster modeling firm prediction applies to the losses in Louisiana alone. Though Isaac wasn’t one of the most damaging that the state – or the country – has seen, it still managed to wreak havoc to homeowners and businesses alike. It caused…

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FEMA issues warning for New York and other states affected by Tropical Storm Lee to beware of insurance fraud

More than a month has passed since Tropical Storm Lee made landfall on the East Coast and FEMA is still fielding complaints regarding insurance. The September storm brought flooding in states along the Gulf Coast and continued North until it reached New York. To date, the damage caused by the storm is estimated to be more than $250 million. The storm caused damage to homes, much of which comes from flooding, putting the event on dodgy insurance territory. Most homeowners do not have flood insurance, especially those living in areas…

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Grants from FEMA may help to fill insurance gaps

Julie Campbell

The Federal Emergency Management Agency (FEMA) and disaster officials are continuing to request that people who have been affected by the results of Hurricane Irene to contact FEMA and register with them, even if they are already receiving payments from their insurance companies to help cover the damages. The issue that is concerning disaster and recovery officials right now is that many people are under the impression that the money they receive from their insurance companies is all that is available to them in terms of recovery aid when this…

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