Is your flood insurance ready for Atlantic Hurricane Season’s start tomorrow?

John Bowers
hurricane season 2024

The official beginning is June 1 and experts are predicting that it will be an active one With the start of Atlantic Hurricane Season tomorrow, preparedness experts are reminding consumers who have waited until the last minute about the importance of flood insurance. FEMA is among those urging property owners to buy coverage Hurricanes can cause damage from many different issues, ranging from high winds to flooding, but the latter requires additional flood insurance coverage as rising overland waters are not typically covered by a standard home policy. Many people…

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What are kitty cat storms and what do they mean to home insurance?

Julie Campbell
kitty cat storms

These secondary weather systems are striking areas across the US, leaving damage behind While we tend to think of the most damaging weather that will impact home insurance as massive systems that take a long time to build and then stomp their way across the region, they’re not alone. Severe-convective storms are what the industry calls “secondary perils” The severe-convective storms, also known as kitty cat storms, are thunderstorms that build rapidly to the point of being large and powerful but disappear once again within a span of days or…

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What was behind Berkshire Hathaway’s Chubb insurance company purchase?

Logan B.
Warren Buffett buys

Warren Buffett’s company has been hiding a massive insurer purchase Berkshire Hathaway started buying again in Q3 2023 and has finally unveiled the largest publicly traded purchase that it has kept from the spotlight: Chubb insurance company. The Securities and Exchange Commission permitted the secret The Securities and Exchange Commission made it possible for Berkshire Hathaway, and its owner Warren Buffett, to maintain the secrecy of the purchase while the position was being arranged.  Then, after the May 15 market close, the first quarter 13F was filed and revealed that…

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North Dakota launches auto insurance cost comparison tool

H. Cutner
Auto Insurance - Car - Calculator - Cost Comparison - North Dakota

The state’s Insurance Department has released its annual survey results comparing prices North Dakota’s Insurance Department has released the results of its annual auto insurance cost comparison, as well as a helpful tool to help drivers in the state to find the coverage they need at the right price. The survey involved obtaining quotes for six-month policies The department obtained quotes from auto insurance companies in the state for 12 different hypothetical drivers seeking six-month policies. The purpose of the survey was to better understand how premiums vary among motorists…

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State Farm Water Damage Policy Triggers Lawsuit

H. Cutner
state farm water damage policy

In recent developments, a class-action lawsuit is being prepared against State Farm Insurance, challenging the insurer’s updated and ambiguous water damage policy language. The policy’s vague terminology maybe the reason to an alarming denial rate of water damage claims among homeowners, raising significant concerns about the fairness and transparency of claim assessments. Rising Concerns Among State Farm Policyholders Homeowners across California have reported a surge in denied water damage claims since State Farm updated its homeowners’ policy in 2019. According to David Melzer, a public adjuster who advocates for homeowners,…

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Is Allstate Insurance Ready to Re-enter California with Huge Losses

Loreen
allstate insurance california

Allstate Insurance Reports $491 Million in Losses from Catastrophic Events Allstate Insurance disclosed that $491 million of its recent losses were due to 11 distinct catastrophic events, with roughly 80% coming from four major wind, hail, or tornado occurrences. The remainder of the losses included claims reserve re-estimates for ongoing catastrophes. This revelation highlights the extensive challenges faced by the insurance sector amid an era of increasingly severe and frequent natural calamities. AM Best noted that Aon pointed out potential billions in losses insurers could have endured due to severe…

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Will the federal government make dental insurance available to everyone?

H. Cutner
Dental Insurance - US Flag

If a new rule moves forward, people could one day affordably enjoy care for their teeth Dental insurance is a kind of coverage carried by few people outside of benefits packages offered by employers, but that could change if a new federal rule is allowed to move forward. The idea is to make it easier for people to care for their smiles After all, without dental insurance, if someone suffers a cavity, a cracked tooth, or another type of painful dental injury, the out-of-pocket cost can be in the hundreds…

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