Tag: Insurance Information Institute

Hurricane season preparedness is better than typical in Florida, this year

G. Turner
Florida hurricane insurance rates

The insurance industry is more ready than usual as this year’s highest risk period for the storms begins. This hurricane season, Florida feels that its insurance industry is better prepared than it has been in quite some time, after having enjoyed eight consecutive years in which the massive Atlantic storms have not caused catastrophes within the state. Now that the season for these major storms has begun, the state is ready to see what this year has to offer. The 2014 Atlantic hurricane season got started on June 1 but…

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Insurance industry is seeing a hugely costly winter

H. Cutner
insurance industry winter snow ice

Some have said that this will be among the 5 most expensive winters in over 30 years. The Insurance Information Institute has now released its predictions about the costs associated with this last winter for the insurance industry, and has determined that the payments resulting from storms have now reached over $1.5 billion. As this week has shown in many parts of the country, the snowstorms aren’t done for the year. Now, the Verisk Analytics Property Claims Services firm has estimated that there were already about 175,000 claims paid to…

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Insurance industry urging American residents to buy flood coverage

H. Cutner
flood insurance rates

The I.I.I. has officially released a statement to remind home and business owners of hurricane season. With less than a month before the start of the Atlantic hurricane season, officials from an insurance industry group are reminding homeowners, business owners, and renters in at risk areas that they should be considering flood policies. The reminder includes the fact that standard home and business policies do not include flooding. The Insurance Information Institute (I.I.I.) has reinforced its insurance industry statement by pointing out that predictions are that the hurricane season could…

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Homeowners insurance concerns begin with late winter water issues

G. Turner
winter water homeowners insurance industry

As the season comes to a close, issues with water are starting to fall into the spotlight of the industry. Consumers are being advised to start looking at their home insurance coverage so that they know exactly what protection is available to them as the threat of water damage increases from a number of different sources as the late winter begins its onslaught. The late months of the season frequently bring a high risk of water damage along with them. While some of these water related perils are often covered…

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Homeowners insurance costs eclipse mortgages in Florida

Homeowners Insurance Florida

Florida homeowners now paying more for insurance than for their homes One of the highest expenses facing Florida families has long been the mortgage on their homes. Mortgages in the state, just as elsewhere throughout the U.S., put a large amount of financial pressure on families. While mortgages have been the highest expense for many families in the state, these families are beginning to pay more for their homeowners insurance coverage, according to the Insurance Information Institute. The non-profit organization suggests that consumers are paying more for their homeowners, auto,…

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Insurance Information Institute sees premiums rise in wake of Hurricane Sandy

homeowners insurance cost rising

Insurance Information Institute notes homeowners insurance rates are on the rise and have been for some time Hurricane Sandy is expected to have a significant impact on homeowners insurance premiums in the Northeast U.S., according to the Insurance Information Institute. The trade association suggests that major storms like Sandy often have an impact on insurance rates, but Sandy is not the only factor that is going into the growing premiums of homeowners insurance coverage. The Insurance Information Institute suggests that premiums have been growing since mid-2011 and that Hurricane Sandy…

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Hurricane Sandy victims suffer long wait for insurance adjusters

S.Vagus
Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy brings significant delays to claims processing Hurricane Sandy may be gone, but its impact is expected to be felt well into the future. Homeowners affected by the powerful storm have been struggling with their insurance providers. Insurance adjusters were deployed ahead of the storm to help manage claims and make sure everything was processed in a quick and efficient manner. Unfortunately, Hurricane Sandy has proven to be more problematic than insurers had previously expected. Insurance adjusters are now telling victims that it could take more than two weeks…

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