Tag: hurricane damage

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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Florida’s Property Insurance Shake-Up: What Homeowners Need to Know

H. Cutner
Florida's Property Insurance

State-Backed Citizens Insurance Plans to Raise Rates Residents across Florida are bracing for another surge in property insurance costs as Citizens Property Insurance, the state’s insurer of last resort, inches closer to finalizing a 14% rate increase for 2025. This proposal, already approved by Citizens’ board, seeks to align rates with the private market while continuing efforts to reduce the insurer’s policyholder count. But as Floridians juggle rising premiums and limited options, the bigger question remains—what’s the way forward? Why Are Florida Insurance Rates Rising? Florida’s property insurance market faces…

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Unveiling the Housing Crisis – Where Homeowners Are Losing Insurance at Alarming Rates

Logan B.
home insurance - Non-Renewals and where are the most in the US

Climate Change Sparks Surge in Dropped Home Insurance Policies The United States faces a quiet yet profound crisis as climate-related disasters reshape the home insurance market. According to a recent congressional investigation, more than 1.9 million home insurance contracts nationwide have been dropped by insurers since 2018. The practice of “nonrenewal” has surged, putting countless American homeowners in precarious positions. This shift has far-reaching consequences for mortgages, property values, and entire communities. Rising Non-renewals Expose the Insurance Housing Crisis Once considered a steady and predictable industry, the U.S. home insurance…

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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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Hurricane Preparedness Week encourages homeowners to check their insurance

Logan B.
Hurricane Preparedness Week - big waves from hurricane

The industry is reminding property owners to review their coverage and update if necessary. The insurance industry used this week, Hurricane Preparedness Week, to remind homeowners that storm season is on its way. This makes the week the perfect opportunity to go over insurance policies and make changes to prepare properties for what could potentially be an active year. The insurance industry has released lists of helpful instructions to keep customers properly covered. Hurricane Preparedness Week arrives just before the official season begins. That way, homeowners have time to look…

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Lloyd’s insurance claims see rapid response and payments following storms

Marc
Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

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Cost of hurricanes to insurance industry will break $100 billion, JPMorgan

Logan B.
cost of hurricanes to insurance

Insurers face massive bills from the three hurricane-level storms that made U.S. landfall, even before Nate. Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings. The catastrophe left behind by Harvey, Irma and Maria will be a hard hit to insurance company earnings. At the same time, it’s likely that the cost of hurricanes to…

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