Tag: Preventative Measures

Catastrophe Losses in 2024: A Challenging Year for the Insurance Industry

Elizabeth Price
Challenging Year for the Insurance Industry

2024’s Insurance Industry Turmoil: State Farm and Others Navigate the Aftermath of Hurricanes Debby and Beryl The year 2024 has proven to be a tumultuous period for the insurance industry, with back-to-back natural disasters resulting in substantial financial losses for major insurers. Hurricanes Debby and Beryl have left a trail of destruction across multiple states, posing significant challenges for companies like State Farm and Allstate as they navigate the aftermath. Hurricane Debby made landfall as a Category 1 hurricane in Florida’s Big Bend region on August 5, 2024. With maximum…

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Homeowners Insurance Reimagined: The High-Tech Tools That Could Cancel Your Coverage

Marc
homeowners insurance and drones insurance tools

In-Depth Look at New Trends in Homeowners Insurance In today’s world, protecting your home means more than just locking your doors and installing a security system. Homeowners need to be vigilant about potential hazards not just on their property, but also how those hazards are perceived from above. Increasingly, insurance companies are using satellite imagery and drones to assess properties, identifying risks that might previously have gone unnoticed. Trampolines, debris on roofs, and even decorative ivy can now lead to coverage cancellation, often without warning. Nationwide Phenomenon It’s not just…

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Allstate Study: Discounts for Prepared Customers Could Save Millions

G. Turner
Allstate - Climate Resilience savings

Economic Study Highlights Massive Savings Through Climate Resilience Investments As natural disasters become more frequent and severe, Americans face a growing number of billion-dollar calamities each year. A recent economic study by Allstate, in collaboration with the U.S. Chamber of Commerce and the U.S. Chamber of Commerce Foundation, reveals that proactive investments in climate resilience and preparedness could save both communities and insurers substantial sums. The study shows that for every dollar spent on resilience and preparedness, communities can save $13 in damages, cleanup costs, and economic impacts. This finding…

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Florida’s Uninsured Drivers Crisis: A Dangerous Road Ahead

Loreen
florida insurance

The winding roads of Florida are becoming increasingly perilous not just because of the usual hazards, but due to a financial predicament that is putting more drivers at risk. The number of uninsured drivers in the Sunshine State is soaring. Recent data reveals that insurance affordability is becoming a significant roadblock, leading many to hit the roads unprotected. The Escalating Challenge of Uninsured Motorists Florida’s Dilemma: Costly Coverage Drives Uninsured Rates Up According to the Insurance Information Institute (Triple-I), between 16 to 20% of Florida’s motorists are skipping out on…

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