Tag: natural disasters

Nearly a Quarter of New Mexico Homes Are Uninsured, Leaving Thousands Vulnerable

Marc
Uninsured New Mexico Homes

The Alarming Statistic That Demands Attention It’s a startling revelation that raises pressing concerns for New Mexicans. According to a recent LendingTree report, New Mexico has earned the dubious distinction of being the state with the highest percentage of uninsured homes in the nation. A staggering 23.3% of homes in the state lack any insurance coverage, equating to roughly 133,340 uninsured homes out of the state’s 572,000. To put this into perspective, the national average hovers at 13.6%, making New Mexico’s unenviable position a stark outlier. For homeowners across the…

Read More

Why Gen Z Is Checking Weather Maps Before Signing a Mortgage

Live Insurance News
Gen Z Is Checking Weather Maps

Weather Disasters and Rising Insurance Costs: A Barrier to Millennial and Gen Z Homeownership Homeownership has long been seen as a pillar of the American Dream, but for Millennials and Gen Z, that dream is becoming increasingly out of reach. It’s not just student loans or sky-high housing prices putting a dent in young buyers’ ambitions. Severe weather disasters and rising home insurance costs, fueled by climate change, are rewriting the rules of who can afford to own a slice of real estate. The Cost of Climate Change Hits Home…

Read More

Are Lithium-Ion Batteries Putting Homes at Risk During Natural Disasters?

Marc
Lithium-Ion Batteries in Natural Disasters

Understanding the Risks: Lithium-Ion Batteries in Natural Disasters Lithium-ion batteries have become indispensable to modern life, powering everything from smartphones and laptops to electric vehicles (EVs) and large-scale energy storage systems. The global demand for them is projected to grow by an estimated 30% annually until 2030. However, as their presence becomes more pervasive, so do the risks they pose in the context of natural disasters. Natural disasters such as hurricanes, floods, and wildfires can severely compromise the safety of lithium-ion batteries. When exposed to conditions like saltwater submersion or…

Read More

Citizens Insurance Plans $4.54B Reinsurance Boost for 2025 to Tackle Catastrophic Risks

Marc
Citizens Insurance Plans Reinsurance Boost

Citizens Property Insurance Plans for 2025 Reinsurance: What You Need to Know Florida’s Citizens Property Insurance Corporation is gearing up for a significant shift in its reinsurance structure for 2025. With plans to secure a new $2.94 billion private market risk transfer, the insurer aims to bolster its reinsurance coverage from traditional and capital markets to an ambitious total of around $4.54 billion. This coverage plan comes with a budgeted premium of approximately $650 million, a notable increase from the $482 million premium tied to the $3.564 billion coverage secured…

Read More

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…

Read More

Why Louisiana Is One of the Most Expensive States for Insurance

Live Insurance News
Louisiana - the Most Expensive States for Insurance

Legislative Efforts in 2024 Signal Progress, but Challenges Remain Louisiana’s insurance market has long been fraught with challenges, and while legislative reforms in 2024 represented a step toward stabilizing the market, deeper systemic issues still require attention. According to the Insurance Information Institute’s (Triple-I) recent report, Trends and Insights: Louisiana Insurance Market, residents continue to face some of the highest auto and homeowners insurance costs in the nation. Triple-I’s findings revealed striking numbers that underscore this affordability crisis. For auto insurance, the average annual expenditure in Louisiana stood at $1,588…

Read More

82% More for Home Insurance? Here’s How Climate Risk Is Hitting Your Wallet

Nordstrom
Home insurance costs

Rising Insurance Costs in High-Risk Areas Home insurance costs are soaring across the United States, particularly for those living in areas prone to natural disasters. A new report by the U.S. Treasury Department reveals a stark disparity between premiums in high-risk and low-risk zip codes, painting a concerning picture for homeowners grappling with climate-related challenges. The findings highlight an 82% increase in average premiums for residents in disaster-prone areas compared to their counterparts in low-risk regions. But what’s behind this spike in prices, and what does it mean for homeowners?…

Read More