Hurricane Irene has come and gone but the storms effects may linger for several years. To date, the storm accounts for an estimated $7 billion in damages throughout the East Coast, making it one of the most costly natural disasters to strike the nation. The costs of damage are expected to influence property insurers who have long been leery of offering coverage to homes and businesses in risk prone areas. Consumers may be seeing higher premiums this year as a result of the hurricane. Higher premiums have been the theme…
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Coastal area residents should prepare for the worst
The impending hurricane season is expected to be one of the most active in years, according to the National Oceanic and Atmospheric Administration (NOAA).While it is impossible to predetermine whether hurricanes forming in the Atlantic Ocean will ever reach land, NOAA is advising residents of coastal areas to be prepared for the worst. The Insurance Information Institute recently released a statement regarding the importance of adequate property insurance, particularly for those living in Florida. According to the Institute, there are many things to consider when preparing for hurricanes. Florida has…
Read MoreOfficials urge policy reviews due to predictions of an overactive hurricane season
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…
Read MoreThe long debated coverage question…wind or water?
With hurricane season about to start in the U.S., many states that stand in the way of potential storms are looking for ways to improve their respective insurance industries. In Mississippi, legislators are considering a newly introduced bill that will help settle wind-versus-water insurance disputes. In the past, homes that have been destroyed by hurricanes have been the subject of dispute as to whether the majority of the damage was caused by wind or water. The bill hopes to remedy this issue by establishing a process through which insurers will…
Read MoreCoastal areas will be seeing rate increases by the end of the year
Homeowner’s insurance in South Carolina is expected to rise as the state’s insurers prepare for a busy hurricane season. There is no way to tell whether the 18 hurricanes predicted to form this season will actually reach land, but insurers aren’t taking any chances. Natural disasters in the Southern U.S. have already wrought a terrible toll on the industry, and the year is only half over. Many of the state’s property insurers are now proposing rate increases to help mitigate the cost of potential damage from this year’s hurricanes. The…
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