What are kitty cat storms and what do they mean to home insurance?

kitty cat storms

These secondary weather systems are striking areas across the US, leaving damage behind While we tend to think of the most damaging weather that will impact home insurance as massive systems that take a long time to build and then stomp their way across the region, they’re not alone. Severe-convective storms are what the industry calls “secondary perils” The severe-convective storms, also known as kitty cat storms, are thunderstorms that build rapidly to the point of being large and powerful but disappear once again within a span of days or…

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Florida homeowners’ insurance customers are giving up on coverage

Insurance customers - Florida - No thank you

Skyrocketing rates have sent many property owners to choose to skip policies altogether A recently released report has underscored the continuation and growth of a trend in Florida in which home insurance customers have chosen not to pursue coverage anymore due to sharp increases in the premiums they would need to pay in order to keep up their policies. The trend among insurance customers started to take off following Hurricane Ian For many property owners in the state, the premiums they are required to pay to remain insurance customers have…

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Florida home insurance company fined $1 million for policyholder mistreatment

Home insurance - Florida Flag - Hurricane Sign - Pay Fine

Victims of Hurricane Ian were mistreated by this insurer, which must now pay a fine One of the largest home insurance companies in Florida has agreed to pay a fine of $1 million after having been accused of policyholder mistreatment. Affected customers are those who were victims of Hurricane Ian According to state Insurance Commissioner Michael Yaworsky, Heritage Property and Casualty Insurance was in violation of Florida law for failure to pay or deny home insurance claims within 90 days. Hurricane Ian was just easing out of Category 5 status…

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Florida home insurance companies were warned by regulators about Hurricane Idalia

Home insurance - Hurricane Ahead - Warning

New laws in the state provide some accountability toward insurers, but consumers are also limited. Based on the massive number of complaints filed by Florida home insurance customers following Hurricane Ian, regulators warned insurers that they would not be allowing the same situation to develop following Hurricane Idalia. Regulators received complaints about insurers from nearly 8,000 victims of Hurricane Ian. As a result, following the destruction left by Hurricane Idalia, state regulators warned home insurance companies of possible punishment if claims were not properly managed. “We’re gonna be watching,” said…

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4 Trends Shaping the Commercial Property and Casualty Insurance Industry

insurance trends in commercial property sector

The year 2022 was the worst one for the property insurance and casualty insurance industry (P&C) since 2011. Insurers are likely to pay out billions of dollars due to severe weather conditions in the United States.  Hurricane Ian, which struck Florida in late 2022, caused the second largest insured losses after Hurricane Katrina, resulting in $65 billion alone. Swiss Re has revealed that the natural catastrophe losses of more than $100 billion surpassed the ten-year average by 40% last year.  Even AM Best’s new special report has made shocking revelations.…

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