Tag: Insurance Information Institute

Homeowners insurance impact of hurricanes like Sandy

Homeowners flood Insurance hurricane sandy damage

The importance of coverage in these storms is clear, but many wonder how they affect premiums. Aside from emergency supplies and a safe place to stay throughout a hurricane, homeowners insurance is one of the most important things that a family can have to protect them against the potential devastation of a storm. But what is not as clearly understood, is if weather like Sandy will drive premiums skyward. Some estimates have said that the damage that hurricane Sandy could cause throughout its time after making landfall could reach as…

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California at risk for major earthquake

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San Andreas Fault Line California earthquake insurance

Geologists meet in California to highlight earthquake concerns California is no stranger to earthquakes; indeed, thousands of seismic events of varying degrees happen every day in the state. Last week, concerns regarding a massive, nationwide earthquake were drummed up when more than 9 million people throughout the state participated in an earthquake drill. California insurers are well versed in the risks associated with earthquakes in the state. What has many insurers worried, however, are the risks associated with a nationwide catastrophe. The U.S. Geological Survey met with risk professionals in…

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Auto insurance prices increasing for third year

florida no fault car insurance

The cost of vehicle coverage will rise by 2.8 percent this year. American drivers are likely to experience yet another increase in their auto insurance rates, for the third year in a row as insurers attempt to increase their profits in a time that interest rates have been held at record lows, and natural disasters have caused costs to skyrocket. The average driver will likely see an increase of 2.8 percent, according to the Insurance Information Institute. This means that consumers who were paying an average of $816 last year…

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Hurricane insurance lesson learned by residents of Connecticut

Hurricane Irene Connecticut Insurance

Tropical Storm Irene had shoreline residents discovering things the hard way. For residents of Connecticut, who live along the shoreline, if previous storms had not taught them the lesson about the necessity for hurricane insurance, it was likely learned as a result of Tropical Storm Irene. The first issue was the complexity of a large type of claim on a policy. When a claim must be made on hurricane insurance, if it is a very large one, there are many issues that must be considered and this can make for…

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Insurers pulling out of markets in the wake of natural disasters

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The natural disaster rate climbs as industry reevaluates high risk areas. Natural disasters seem to be happening more regularly, a fact that the global insurance industry is becoming uncomfortable with. In terms of insurance, powerful storms and weather-related catastrophes are becoming more commonplace. As such, insurers are feeling the pressure of increased liability and the potential for steep financial losses in the wake of a catastrophic event. There is a strange trend gaining momentum in the industry today, which is spurred by the severity of recent natural disasters. Insurance markets…

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