This year has broken the record for federal disaster declarations according to the Insurance Information Institute, and the year is not over yet. While 2010 may have set a new record for the number of declared disasters in the nation’s history, 2011 has shattered that record in both number and cost. With three months left in the already infamous 2011, analysts are concerned that more natural disasters could be on the way as a final farewell to the year. With two consecutive years of costly catastrophes, many wonder what is…
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Pembroke Pines seeks lower insurance rates for its drivers citing safer streets
Officials of Pembroke Pines, Florida, are petitioning the insurance industry to lower rates on auto insurance due to the safety of the city’s streets. Pembroke Pines is the first city in Florida to seek lower rates from the industry as a whole rather than going through state-run agencies. City officials say that lower rates are well earned because of the safe driving practices of the city’s residents as well as several other measures in place to improve road safety overall. Insurers, however, are unlikely to appease the desires of the…
Read MoreBurglary risk can be reduced with a security system
The Associated Press has reported that burglaries in American homes are on the rise, as thieves seek to obtain items made out of gold, which achieved a top price of $1,891 per ounce last month. Gold jewelry such as chains, pendants, earrings, bracelets, and rings, are all very easy to carry and can be sold in a melted form so that they don’t leave any trace as to their source. The same cannot be said about laptops, televisions, and other electronics. In order to reduce their vulnerability to this trend,…
Read MoreData shows one in seven American drivers is uninsured, despite legal requirement
Regardless of the fact that almost every American state has an auto insurance requirement law, one in every seven drivers is still uninsured. This statistic was assembled by an industry group, which estimated that 13.8 percent of all drivers in the country do not have auto insurance. This number has risen since before the beginning of the economic downturn, as many people struggle to make ends meet and have allowed their coverage to lapse. Vice president David Corum, from the Insurance Research Council – which is an insurer-supported non-profit organization…
Read MorePost 9/11 insurance industry is vastly different, says report
This weekend marks the tenth anniversary of the September 11 attacks which brought down New York City’s World Trade Center. Since the attack, the political landscape has changed dramatically, a shift that has been mimicked throughout society as terrorism more people became aware of terrorism. Many things changed in the wake of 9/11, and while many of these changes resided within the boundaries of the nation, the entirety of the world’s insurance industry underwent a drastic shift. The Insurance Information Institute (I.I.I) has been studying the changes in the worldwide…
Read MoreFew homes covered by flood damage from hurricane
Hurricane Irene has homeowners scrambling to review their insurance policies to take a closer look at their coverage, but all too many are discovering that they are not protected from the damage that results from flooding during this type of storm. This is the painful reality that thousands of people are facing as they clean up their flooded basements and work to repair other damage relating to flooding. Coverage for water damage is dependent on the source of the flooding. The typical homeowners policy will cover water and structural damage…
Read MoreInsurance companies brace for claims following hurricane Irene
Claims adjusters and other insurance company personnel are preparing to receive a flood of insurance claims now that Hurricane Irene has progressed north along the East Coast and through New England and into Canada. Insurers will begin performing their assessments as soon as the effects of the hurricane have passed through the northeastern states. If the impact of the hurricane is as wide as forecasted, the losses from insurance claims could total billions of dollars. Insurance companies appreciate the efforts that their policyholders are taking to help to keep any…
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