Tag: hurricane insurance

Consumers seek hurricane travel insurance coverage for their vacations this season

Julie Campbell
Hurricane travel insurance coverage - Hurricane in Key West

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…

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Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

Nordstrom
Citizens Insurance - Hurricane Irma - Home Destruction

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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National Flood Insurance Program Gets Brief Renewal from Congress

H. Cutner
National Flood Insurance Program - Flooding on road

The House of Representatives gained a two week extension for the federal flood insurance. Congress extended the National Flood Insurance Program (NFIP) by two weeks after it failed to pass a $19 billion disaster aid bill. The House of Representatives was seeking unanimous consent for the bill which contained a flood insurance reauthorization provision. NFIP had been set to expire as of Friday, but the two week extension was granted in time. With less than six hours left before the National Flood Insurance Program, the fast-track unanimous consent vote approved…

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Hurricane Preparedness Week encourages homeowners to check their insurance

Logan B.
Hurricane Preparedness Week - big waves from hurricane

The industry is reminding property owners to review their coverage and update if necessary. The insurance industry used this week, Hurricane Preparedness Week, to remind homeowners that storm season is on its way. This makes the week the perfect opportunity to go over insurance policies and make changes to prepare properties for what could potentially be an active year. The insurance industry has released lists of helpful instructions to keep customers properly covered. Hurricane Preparedness Week arrives just before the official season begins. That way, homeowners have time to look…

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Total Hurricane Florence damage estimates now up to 11 figures

Logan B.
Hurricane Florence Damage - Flooding

The home and business property damage done from the storm’s flooding is notably higher than expected. The estimated Hurricane Florence damage total from the extreme flooding is considerably higher than previously predicted. The water and wind has left damage that is now estimated to be in the 11 figure range. Repairs from the damage that slammed the Carolinas and Virginia will be very costly. North Carolina was hit with the majority of the Hurricane Florence damage. It faced days of downpours. Lawmakers have been meeting this week to discuss the…

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Storm insurance losses from Hurricane Florence may reach $5 billion

H. Cutner
Storm insurance - Hurricane from space

North and South Carolina are still in only the earliest stages of gauging the wind and water damage. Analysts are beginning to attempt to determine what the storm insurance losses from Hurricane Florence will be, even at this early stage. Regions of both North and South Carolina are just getting started in determining the extent of the damage left behind by the massive Atlantic storm. Early estimates may not necessarily reflect final totals, but the industry is trying to get a hold of the numbers. Risk Management Solutions (RMS) has…

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Hurricane Florence insurance losses will be within insurers’ ability to manage

Logan B.
Hurricane Florence Insurance - Storm Blowing in

Standard & Poor’s has predicted that the industry losses left by the storm will not have a significant financial impact. The Standard & Poor’s rating agency announced it doesn’t feel the Hurricane Florence insurance losses will be anything the industry cannot manage. Moreover, it forecasted that the insurance and reinsurance industries will not be significantly impacted by those losses. Despite the “material insured losses” left by the hurricane, the storm is not expected to harm insurers. The North Carolina coast was the first to be struck when the storm made…

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