Severe 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…

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Dallas-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…

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Homeowners’ 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…

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Tips 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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Understanding what is – and is not – covered by tornado insurance

The surge of destructive and deadly twisters last week has put the spotlight on tornado insurance once more, as consumers attempt to understand the type of coverage that it will provide, including why many homeowners are still forced to pay repair bills related to tornado damage regardless of their policies. The Insurance Information Institute has said that the majority of insurance policies for homeowners, businesses, and vehicles will include tornadoes as an element of their standard severe weather and wind coverage. Typically speaking, renters’ and homeowners’ insurance will cover the…

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