Tag: natural disaster insurance coverage

Nature Conservancy adds $2 million insurance coverage for Hawaii’s coral reefs

Julie Campbell
Insurance coverage - Coral Reefs in Hawaii

The Central Pacific hurricane season is already underway, and the state is preparing for damage. The Central Pacific hurricane season has started, and this year, the Nature Conservancy has purchased $2 million in insurance coverage to protect against potential damage to the coral reefs in Hawaii. This represents the first time the Nature Conservancy has purchased this type of policy. This insurance coverage is the first of its kind in the United States, in an important move that acknowledges the impact of climate change on increasingly common and destructive hurricanes…

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Will heat insurance help protect the poor against extreme temperatures?

G. Turner
Heat insurance - Thermometer

As climate change makes the world hotter, the poorest workers in the world might benefit from coverage. By April near Ahmedabad, India, temperatures had already reached 100ºF, an extreme being linked to trends relating to climate change, and one against which heat insurance has the potential to protect affected workers. Everyone from physical laborers to people selling products affected by heat could potentially benefit. Last year, temperatures there reached 114.8ºF, at a peak becoming increasingly commonplace, as 2016’s peak was an even higher 118ºF. That location is far from the…

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Commissioner Lara reminds state to review California insurance coverage

Logan B.
California insurance - Flag for California

The recommendation is to know exactly what is covered from floods and mudslides caused by wildfires. Insurance Commissioner Ricardo Lara has issued a formal notice to insurers to inform them that it is their legal duty to provide California insurance coverage for any future disaster such as mudslides caused by the recent wildfires. Those wildfires have left hillsides weakened, increasing risks such as mudslides and flooding. Residents in wildfire burn areas who are at an even higher vulnerability are being advised to check their California insurance coverage to be familiar…

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Higher cost of flood insurance causes massive coverage dropping trend

Marc
Flood insurance - Goodbye - beach

FEMA’s program overhaul in 2021 sent prices skyward, causing hundreds of thousands to drop out. In 2021, the Federal Emergency Management Agency (FEMA) conducted an overhaul of its National Flood Insurance Program (NFIP) to encourage homeowners to purchase coverage due to the more precise risk their property faced from flooding. So far, the result appears to be rising rates and hundreds of thousands of people dropping existing coverage. Homeowners that had been purchasing their flood insurance coverage through FEMA have widely dropped their policies, leading to a concerning number of…

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Insurers remind consumers about Earthquake Awareness Month

Logan B.
Earthquake Awareness Month

February is meant to be a time for property owners to review their coverage in case of a tremor. February is recognized as Earthquake Awareness Month, and insurance companies are reminding their customers to take this opportunity to review their coverage and ensure that they are prepared for the worst. This time is meant to help raise awareness of the importance of preparedness and coverage. Insurance companies use Earthquake Awareness Month to help make certain that their policyholders know how to keep themselves and their families safe in case a…

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