Arkansas places moratorium on tornado insurance policies to protect homeowners

Tornado insurance policies - Tornado - Storm

The 60-day moratorium stops insurers from being able to cancel coverage to residents affected by Saturday’s twister. The Arkansas Insurance Department has issued a 60-day moratorium on the cancellation of tornado insurance policies. This move was made following the Jonesboro tornado that ripped through homes, a mall and other buildings. This is meant to stop insurers from cancelling coverage of affected Craighead County residents. Residents affected by the Jonesboro twister cannot have their tornado insurance policies cancelled due to non-payment for another 60 days. That said, it is only affected…

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5.7 magnitude Utah earthquake places spotlight on insurance coverage

Utah earthquake - cracked road

The quake struck the state on Wednesday morning, knocking out power and shaking residents. The 5.7 magnitude Utah earthquake that struck on Wednesday morning has reminded residents and business owners of the importance of coverage. Around 55,000 people were left in the dark from power outages in the Salt Lake City Area. The magnitude of the Utah earthquake was reported by the US Geological Survey, and the power outage figures were released by Rocky Mountain Power. Local news reports shared that many people in the region were startled by the…

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Natural disaster damage sends homeowners insurance rates skyward

Natural Disaster Damage - Tornado destruction

Insured losses resulting from claims relating to Mother Nature have been climbing sharply. Natural disaster damage has been sending homeowners insurance claims upward and, as a result, it has meant that rates for policies have been rising, too. A new analysis showed that severe storms and other catastrophes are becoming more common. Over the last ten years, natural disaster damage has become more commonplace and more expensive for homeowners and insurers. According to a new analysis, this is causing home insurance rates to head sky high. The analysis was done…

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Hurricane Dorian gives Americans a wake-up call they should not ignore, says Allstate

Hurricane Dorian - Storm heading toward Florida

The insurer’s data shows that almost 60 percent of U.S. residents aren’t prepared for a natural disaster. Well over half of all Americans would have been completely unprepared for an event like Hurricane Dorian, said a recent report released by Allstate Insurance. Nearly 60 percent of Americans are assuming that natural disasters won’t affect them. Allstate Insurance used Hurricane Dorian as an example of the type of natural disaster that can threaten Americans. Its report showed that while 70 percent of Americans say that they are concerned over catastrophic events…

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Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

Citizens Insurance - Hurricane Irma - Home Destruction

The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…

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National Flood Insurance Program Gets Brief Renewal from Congress

National Flood Insurance Program - Flooding on road

The House of Representatives gained a two week extension for the federal flood insurance. Congress extended the National Flood Insurance Program (NFIP) by two weeks after it failed to pass a $19 billion disaster aid bill. The House of Representatives was seeking unanimous consent for the bill which contained a flood insurance reauthorization provision. NFIP had been set to expire as of Friday, but the two week extension was granted in time. With less than six hours left before the National Flood Insurance Program, the fast-track unanimous consent vote approved…

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Missouri Attorney General issues insurance scam warning after natural disasters

Insurance scam warning - Tornado damage

AG Eric Schmitt has warned consumers about fraud and price gauging following tornadoes and flooding. Missouri Attorney General Eric Schmitt has issued an insurance scam warning following recent ongoing flooding in the state and the tornado in Jefferson City last week. Schmitt cautioned consumers to be vigilant of scammers when repairs are needed. Schmitt used his insurance scam warning to express his concern regarding price gauging and scammers on the heels of natural disasters in Missouri. He warned people across the state to be wary of construction fraud, price gauging,…

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