Though the last 12 months have been essentially free of flooding, there have been several near misses. Even though there have been only 18 Connecticut flood insurance claims filed in the last 12 months ending at the close of June, the rates in the state will still be rising. The rates are causing many state residents to take the risk without coverage for their properties. There have been several recent reminders that storms are fierce and quite close – Hurricane Fiona washed full structures away in Nova Scotia and other…
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Insurance industry may benefit from manufactured hailstorm
Insurance industry to gain new insight on the risks of hailstorms The insurance industry may not be able to control the weather, but it does have the capability to replicate some natural disasters in order to better understand their impact on property. The Insurance Institute for Business and Home Safety, an organization devoted to researching the risks associated with natural disasters, has created a full-scale hailstorm inside of its laboratory located in South Carolina. Creating the hailstorm is part of the organization’s ongoing effort to understand the effects of natural…
Read MoreNational Severe Weather Preparedness Week is a good time to review homeowners insurance
The National Severe Weather Preparedness week is now underway, reminding property owners to go over their homeowners insurance and protect themselves. Homeowners insurance policyholders are encouraged to take the time to go over their policies this week, as it is National Severe Weather Preparedness week, and it is important that they understand exactly what their coverage provides as well as what additional protection and preventative efforts they can make. According to a statement by the Insurance Institute for Business and Home Safety, the organization’s CEO and president, Julie Rochman said…
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