Tag: storm insurance

Homeowners insurance industry is hoping early signs of cold will serve as a reminder

homeowners insurance information institute winter snow ice

The time has come for winter proofing homes and properties to help prevent damage. Though the majority of damage caused by winter storms is covered by homeowners insurance, it is highly recommended that efforts be taken to help protect the home against harm from frost, freezing, snow, wind, and other problems throughout the colder season. Some areas of the country have already experienced weather advisories for frost and freezing temperatures. Though these signs of winter are still very early, they are an important signal of how close the season truly…

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Many homeowners insurance policyholders don’t understand their storm protection

Dan
Homeowners Insurance

In the event of severe weather, most don’t know specifically how they are covered. Though the importance of homeowners insurance is undisputed among most people who have purchased a house, the sad truth is that the majority of policyholders don’t actually know what kind of coverage they have in the event that a storm should come along and cause damage to their properties. A MetLife survey’s results have shown that 31 percent don’t know exactly how much coverage they have. Equally, another 46 percent of the respondents couldn’t say which…

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2012 hurricane season may be more peaceful than previous years

Marc
Hurricane season 2012

Weather Service International announces calmer season for the U.S. The global insurance industry has been holding on to hope that 2012 would be less prone to disasters than its two predecessors. Storms earlier in the year damage this resolve, causing a significant amount of insured losses around the world. Major storms in the U.S. have left the country’s insurance industry on its heels. Things may be looking up for U.S. insurers, however, according to a recent announcement from Weather Services International, a global weather monitoring service. 2012 to have below…

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Severe weather leads to over $1.2 billion in insurance losses in March

Marc

Insurance industry gets hit with huge losses for 2012. Global reinsurance intermediary, Aon Benfield, which is also responsible for the Aon plc capital advising, has released its most recent Global Catastrophe report edition, which provided an overview of the global natural disaster events of March 2012. The report was published by the catastrophe model development center of excellence for the company, Impact Forecasting. It showed that a number of serious weather events struck the Tennessee Valley, the American Midwest, and the Southeast of the country during the first week of…

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Climate Prediction Center heralds the return of El Nino this year

Nordstrom

Insurance industry on El Nino watch. The U.S. Climate Prediction Center (CPC), a government agency that provides weather information to the insurance industry and others, has raised concerns that El Nino may make a strong return to the Northern Hemisphere later this year. The weather phenomenon is notorious for the number of natural disasters it spawns throughout the Northern Hemisphere. El Nino brings an increase in rainfall and changes to temperature and wind patterns in some parts of the world. The CPC notes that El Nino could have a disastrous…

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Dallas-Fort Worth tornadoes spur concerns of insurance premiums

Report on Dallas tornado insurance claims Several powerful tornadoes cut a swath of destruction in the Dallas-Fort Worth area of Texas this week. The tornadoes caused a significant amount of damage to homes and businesses in the area but no death has been reported thus far. Claims adjusters have been streaming into the state from companies like Nationwide and Allied Insurance to help process the claims generated by the disaster. Insurers and state officials are encouraging all those that have storm-related claims to get in touch with an agent and…

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Homeowners’ insurance rates increase as a result of last year’s tornadoes

The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…

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