State Farm released a list of the locations where the severe storms cause the most covered damage. State Farm received 119,000 hurricane insurance claims last year, and they all came from policyholders that had covered properties in 9 states. There was a total of approximately $1.2 billion in claims paid out to the affected policyholders. The hurricane insurance claims were paid for the repair and rebuilding of homes damaged by the storms. The State Farm data from last year include the storms called Henri, Nicholas, and Ida. They impacted 9…
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Insurance company loses first federal Hurricane Laura court case
A jury decided against the insurer in a victory for a Lake Charles commercial property owner. The first ever Hurricane Laura case heard by a federal court has ended in a decision against an insurance company and in favor of Joey Odem, the plaintiff who is the owner of a commercial property near Lake Charles’ Petro Point. This case represents only the first one heard in a federal court from among more than 3,000 filings. This was the first Hurricane Laura jury trial case, and it was not a win…
Read MoreNew Louisiana insurance regulation will assist those affected by Hurricane Laura
State residents who continue to be without electricity may benefit from the new rule. Survivors of the disaster left behind by Hurricane Laura may benefit from a new Louisiana insurance regulation until their electricity is turned back on. The new emergency rule applies to policyholders in the state implemented by Commissioner Donelon. The new emergency Louisiana insurance regulation allows homeowners and business policyholders to file claims during times when hundreds of thousands of residents of the Southwestern part of the state remain without electricity. It is meant to provide these…
Read More86 percent of homeowners think they have their hurricane preparedness under control
Many property owners aren’t taking into consideration the additional challenges from COVID-19. Even after the devastation left behind by the major storms last week, most homeowners feel they have made adequate hurricane preparedness efforts, according to a recent survey. When Hurricane Laura reached the US Gulf Coast, it struck as a highly powerful category 4. According to the research conducted by ValuePenguin, most homeowners – 86 percent – feel that the hurricane preparedness steps they have taken are enough. However, thousands of people who were in the path of last…
Read MoreHurricane Dorian gives Americans a wake-up call they should not ignore, says Allstate
The insurer’s data shows that almost 60 percent of U.S. residents aren’t prepared for a natural disaster. Well over half of all Americans would have been completely unprepared for an event like Hurricane Dorian, said a recent report released by Allstate Insurance. Nearly 60 percent of Americans are assuming that natural disasters won’t affect them. Allstate Insurance used Hurricane Dorian as an example of the type of natural disaster that can threaten Americans. Its report showed that while 70 percent of Americans say that they are concerned over catastrophic events…
Read MoreConsumers seek hurricane travel insurance coverage for their vacations this season
After a few years of activity during the Atlantic storm season, travelers are looking into their options. The last few years have come with active Atlantic storm season, encouraging travelers this year to look into hurricane travel insurance coverage. Travelers are looking into the types of policy available and how much it will cost. The hurricane season runs from June through November every year. While some seasons see barely any storm activity at all, others are highly active. This year has already seen storms and Barry managed to make landfall…
Read MoreCitizens Insurance is still battling thousands of Hurricane Irma lawsuits
The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…
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