Live Insurance News

Farmers Insurance to drop Alabama wind policies and increase rates

August 2, 2012August 1, 2012 Julie Campbell

Over 2,900 properties will be losing coverage across the state. Farmers Insurance has announced that it will be allowing the policies for over 2,900 properties between Baldwin and Mobile counties in Alabama to expire, as they are considered to be rentals. The insurer also announced that there would be statewide increases to its rates. Some areas in Alabama will be experiencing increases to their Farmers Insurance rates that are as high as 35 percent. Equally, some policyholders will find that their own premiums will be falling. All told, there will…

States hardest hit by tornados in the U.S

March 4, 2012 Julie Campbell

The tornadoes that struck the South and Midwest American states this week, leaving 13 people dead and injuring many others, have drawn attention to the risk of twisters once again, following closely on the heels of 2011’s record breaking year for those and other severe weather events. Last year was the deadliest storm season in over three quarters of a century, and thunderstorms and tornadoes brought about approximately $25 billion in uninsured losses. Though the data regarding which states were struck most by tornadoes last year has yet to be…

2012 tornado season could be as active as the now notorious 2011

February 22, 2012May 5, 2013

Last year, the U.S. was subject to an unnaturally active tornado season. The season spawned outbreaks of violent windstorms and powerful tornados that cut a path of destruction through much of the mid and mid-eastern states. Last year saw a total of 1,709 tornadoes touched down in the U.S. While this is well short of the 1,817 that formed in 2004, these tornados were far more destructive and widespread. Indeed, 2011 was one of the most disastrous years in recent history, so much such that the insurance industry was hoping…

Officials urge policy reviews due to predictions of an overactive hurricane season

May 31, 2011June 2, 2011 Marc

In the last two months, the southern and Midwest portions of the U.S. have been pounded by a rash of tornado outbreaks. These tornadoes have caused billions of dollars worth of damages and taken hundreds of lives. Unfortunately, they have struck areas where many of the homeowners were not insured or underinsured for the amount of damage that occurred. In the past eight weeks there have been reports of over one thousand tornadoes; 960 of those reports have been confirmed. This year, the portion of the U.S. known as “tornado…

Hurricane season quickly moves in while many still pick up the pieces from the last storm

May 20, 2011 S.Vagus

The National Oceanic and Atmospheric Administration is predicting a tumultuous hurricane season this year. The forecast, released Thursday, predicts that as many as six major hurricanes could form over the Atlantic Ocean this season. This is unsettling news for many states in the south currently struggling with national disasters of their own. Insurance companies are bracing for yet more damages. Last year’s hurricane season was relatively tame. Winds kept most tropical storms at sea and prohibited them from forming into hurricanes. “However, we can’t count on luck to get us…

The numbers come rolling in for recent tornado outbreak

May 10, 2011 S.Vagus

As the drama in the storm ravaged regions of the Southeast U.S. continues to unfold, AIR Worldwide, a leading catastrophe modeling firm, sheds light on exactly how much the disaster will cost in a new report release today. The firm estimates that insured losses in both the Southern and Southeastern U.S. could total $5.5 billion. The estimate is for the period between April 22nd and 28th, when the storms were at their peak. Representatives from AIR say they will continue to monitor the region to keep their estimates as accurate…

Damage from the worst tornado season in 50 years in the billions

May 5, 2011May 5, 2011 S.Vagus

As the storms of the south begin to relent, residents are beginning the long, arduous path towards recovery. Insurers have assessed the extent of the damage and are reporting insured losses could cost billions of dollars. The recovery efforts will be nothing short of massive. The National Weather System has accounted for nearly 200 tornadoes having formed during the worst of the storms – the highest number of tornadoes that has occurred in the region in over 50 years. Coupled with hail and wind storms, the damage throughout the Southeast…