As Hurricane Irene barrels down on the East Coast, Chris Hackett, Director of Personal Lines Policies for The Property Casualty Insurers Association of America (PCI), has quite a few things to say concerning insurance and how people will be affected by the storm. We were able to ask Mr. Hackett about current, past and even future potential natural disaster events that we all should prepare for. Here is what he had to say: Live Insurance News – With hurricane Irene beating down on the Carolinas, and maybe even New York,…
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In the Northeast residents without flood insurance may be in for a rude awakening
A major hurricane has not made landfall on U.S. soil since 2008, but Hurricane Irene has broken that period of peace. As the first real hurricane of a supposedly active season, Irene seems to be making up for lost time. The storm has already reached Category 3 and is expected to reach the Carolina’s by Thursday. The hurricane will continue moving north, making its way through Long Island, New York and other states. The coming storm has raised concerns regarding insurance coverage as many come to the dire realization that…
Read MoreNew FEMA flood maps may lower insurance rates, homeowners will have to wait a year to find out
Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…
Read MoreFEMA warns of flooding and last minute insurance may be too late
Hurricane season has arrived and there have already been reports of a hurricane raging in the Pacific. Early Friday, the National Hurricane Center announced that tropical storm Adrian had graduated to a full-fledged hurricane and was heading toward land. It is expected to reach the coasts of Mexico within the next day. On the other side of the country, in the Gulf Coast, concerns are rising as to what disasters this season could bring. Along the Mississippi River, the danger of flooding due to storms is all too real. Storms…
Read MoreVirginia homeowners urged to review insurance for items not covered this hurricane season
Virginia state insurance regulators are cautioning homeowners to review their policies as the hurricane season begins. Regulators note that several insurance policies include deductibles for wind damage caused by hurricanes, but many others do not. This disparity leads to lapses in coverage that are prevalent throughout the state. The State Corporation Commission says that even if homes are protected against wind damage, there is still the possibility of water damage. Regulators assert that the majority of hurricane losses stem from flood damage. The majority of property insurance policies available in…
Read MoreAn alarming rate of uninsured residents this hurricane season
The Louisiana Insurance Department is urging everyone in the state to purchase flood insurance as hurricane season begins. Insurance Commissioner Jim Donelon has been expressing the need for flood insurance for several months. With the April storms causing severe flooding along the Mississippi River, more people are aware of the damage high waters can do, but few are taking steps to protect their homes and property. Commissioner Donelon claims that the number of homes with flood insurance has fallen back to pre-Katrina levels – a disturbing report as hurricane season…
Read MoreHurricane season quickly moves in while many still pick up the pieces from the last storm
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…
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