Tag: Flood Insurance

Helene & Milton vs. FEMA’s Wallet – How Two Hurricanes Changed the Flood Insurance Game

H. Cutner
Flood Insurance - Hurricane Helene and Milton

FEMA Borrows $2 Billion to Cover Flood Claims After Hurricanes Helene and Milton According to an article in the Florida Weekly, the Federal Emergency Management Agency (FEMA) is borrowing $2 billion to cover National Flood Insurance Program (NFIP) claims after back-to-back devastation from Hurricanes Helene and Milton in Florida’s Gulf Coast last year. The sheer scale of damage and the tens of thousands of claims made have underscored the challenges of funding flood insurance in a time of increasingly severe weather. Storms Bring Catastrophic Flooding and Widespread Damage Hurricane Helene…

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Allstate Raising Rates – Why Illinois Homeowners Are Feeling the Heat

Logan B.
Allstate rising rates

The Ripple Effects of Disasters Across State Lines When you think of California wildfires, Illinois might not be the first place that comes to mind. But for Illinois homeowners, the aftermath of these extreme weather events is becoming all too real. Insurance rates in the state are set for another round of increases, with companies like Allstate hiking premiums by 14.3%. And although Illinois hasn’t faced catastrophic fires or hurricanes, the impact of climate change is blurring geographical boundaries, causing ripple effects that stretch far beyond disaster zones. According to…

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Why Every Homebuyer Should Demand Flood History Transparency

H. Cutner
Flood History Transparency

The Hidden Risks of Buying a Flood-Prone Home For millions of Americans, purchasing a home is the single largest financial decision they will ever make. Yet many buyers face an alarming obstacle when it comes to flood risk. More than one-third of U.S. states fail to require any disclosure of a property’s past flood damage or risk during a real estate transaction. This leaves countless buyers unaware they may be stepping into a financial nightmare. Flooding is the most common and costly natural disaster in the U.S., and a home…

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How Extreme Weather is Reshaping Where and How We Live

Live Insurance News
How Extreme Weather is Reshaping Where and How We Live

The Push for Climate Insurance as Extreme Weather Events Rise The frequency and intensity of extreme weather events are on the rise, leaving communities around the world grappling with the aftermath of hurricanes, floods, wildfires, and droughts. Scientists link these increasingly destructive events to climate change, which is reshaping the way governments, businesses, and individuals approach risk. One of the key responses to this growing challenge is the development of climate insurance. This specialized form of coverage is designed to protect individuals and businesses from the financial impact of climate-related…

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Unveiling the Flood Insurance Gap: How Hurricane Helene Exposed a National Shortfall

Logan B.
Flood Insurance

Navigating Flood Insurance: Challenges and Insights Post-Hurricane Helene The recent hurricane season, marked by significant storms like Hurricane Helene, underscores the critical need for effective flood insurance coverage across the United States. As homeowners grapple with rebuilding and recovery, the spotlight turns to the intricacies of flood insurance, its accessibility, and the broader implications for those in high-risk areas. This Year in Floods and Insurance The past year has been a stark reminder of the unpredictable nature of weather patterns and their devastating impact. Key statistics and developments in flood…

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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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Insurance rates countrywide could be impacted by extreme weather trends

H. Cutner
Insurance rates Rise - Extreme Weather

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

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