Lawmakers seek to provide comprehensive liability protection insurance… Last weekend, a number of powerful tornadoes swept through the state of Oklahoma, as well as its neighbors. According to the National Weather Service, 75 tornadoes touched down throughout the Midwest, many of which caused rampant damage throughout the region, especially in Oklahoma, where a powerful tornado claimed six lives. The total damage of the tornado outbreak is still be assessed by the insurance industry, but the event has spurred Oklahoma lawmakers to develop a comprehensive liability protection policy to help shelter…
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Tornadoes in Oklahoma and Kansas claim lives and cause damage to property
Damages from recent tornadoes that ripped through Oklahoma and Kansas. Powerful tornadoes tore through the states of Kansas and Oklahoma over the weekend, causing significant damage to businesses and homes as well as claiming lives. The National Weather Service claims that the weather system responsible for the disasters created more tornadoes in one day than either Kansas or Oklahoma would normally see in the month of April. Insurers have been working in cities affected by the tornadoes, hoping to mitigate any further damage and to process claims quickly to help…
Read MoreSevere weather leads to over $1.2 billion in insurance losses in March
Insurance industry gets hit with huge losses for 2012. Global reinsurance intermediary, Aon Benfield, which is also responsible for the Aon plc capital advising, has released its most recent Global Catastrophe report edition, which provided an overview of the global natural disaster events of March 2012. The report was published by the catastrophe model development center of excellence for the company, Impact Forecasting. It showed that a number of serious weather events struck the Tennessee Valley, the American Midwest, and the Southeast of the country during the first week of…
Read MoreDallas-Fort Worth tornadoes spur concerns of insurance premiums
Report on Dallas tornado insurance claims Several powerful tornadoes cut a swath of destruction in the Dallas-Fort Worth area of Texas this week. The tornadoes caused a significant amount of damage to homes and businesses in the area but no death has been reported thus far. Claims adjusters have been streaming into the state from companies like Nationwide and Allied Insurance to help process the claims generated by the disaster. Insurers and state officials are encouraging all those that have storm-related claims to get in touch with an agent and…
Read MoreTornadoes Rip through Sections of Dallas-Fort Worth
BOSTON, April 4, 2012 – According to catastrophe modeling firm AIR Worldwide, just one month after a notable tornado outbreak across parts of the Midwest and the Southeast, a severe thunderstorm on April 3 spawned up to 10-12 tornadoes that caused extensive, though localized, damage due to high winds, heavy rain, and hail in seven counties in the Dallas-Fort Worth region of Texas. The suburban communities of Arlington and Lancaster experienced significantly damaged buildings, with several homes and businesses flattened by the tornadoes. In Lancaster alone, 300 structures were damaged…
Read MoreHomeowners’ insurance rates increase as a result of last year’s tornadoes
The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…
Read MoreTips for getting your home ready for the upcoming spring storms
The spring storms are on their way, and if there’s anything that could be learned from the record breaking natural events that occurred last year, it was that it’s very important to be prepared for their arrival. Though there’s nothing that you can do to stop the storms, there are a few precautions that you can take to give you some peace of mind when the big storm strikes. As a reminder, Spring Severe Weather Awareness Week is running from March 25 to March 30, spreading the word about the…
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