The Insurance Information Institute (III) recently released a new report entitled Flood: Beyond Risk Transfer. It predicts that major flood events will grow over the next 30 years, even though insurance and policymakers improve their abilities to reduce flood risks. “Our understanding of loss trends and expertise in assessing and quantifying risk must be joined at […]
Recently, Florida lawmakers passed two bills that will make major changes to the auto and homeowners insurance markets in the state. The bills will now be sent to Governor Ron DeSantis, who must sign them before they become law. Here is a quick breakdown of both bills and how they will impact insurance in Florida: […]
A recent report by ValuePenguin looked at the new risk ratings that the Federal Emergency Management Agency’s (FEMA) will be using when determining premiums for flood insurance in the National Flood Insurance Program (NFIP). The report found that millions of homeowners could see noticeable increases in flood insurance costs. FEMA’s new rating system is called […]
According to a recent report, The Colorado State University (CSU) Tropical Meteorology Project Team predicts that we will have an “above average” Atlantic hurricane season this year, with 17 named storms. This number includes eight hurricanes, four of which could become major hurricanes. The team used models that incorporate 40 years of historical hurricane data […]
In a recent open letter from Florida Insurance Commissioner David Altmaier to House Commerce Committee Chair Representative Blaise Ingoglia, Altmaier detailed the fact that Florida accounts for almost three-quarters of all insurance lawsuits filed by homeowners against insurance companies in the United States. Altmaier revealed in his letter that the Florida Office of Insurance Regulation […]
The Florida Senate is considering a plan that would make dramatic changes to the property insurance system in the state. It would allow insurance companies to limit the amount paid out for roof damage while also putting new restrictions on lawyer fees during insurance disputes. The Senate Rules Committee approved the plan (SB 76), preparing […]
Middle Tennessee has seen massive amounts of rainfall this winter and spring which has led to flooding issues across the area. As an example, Davidson County was recently hit with more than seven inches of rainfall, which resulted in the Nashville Fire Department have to rescue at least 130 people from vehicles, apartments and houses. […]
Recently, the Federal Emergency Management Agency (FEMA) released it pricing strategy for their “Risk Rating 2.0” pricing strategy. The new pricing will impact 5 million flood insurance policyholders and FEMA claims that two-thirds of older homes would see a decrease in premiums while most homeowners and businesses would only see a small increase. According to […]
There is a good chance that Florida homeowners will be paying more for flood insurance in the near future according to a new analysis done by First Street Foundation, a nonprofit research group that is focused on how climate change impacts on property value. Their analysis found that most Florida residents face a higher flood […]
Austin, Texas – Feb 16, 2021: Blizzard in Austin, Texas creates difficult conditions for drivers because of the thick snow on the road. There is a good chance that property damage claims from the shocking winter storm that hit Texas last month will be the largest number of claims generated by any single event in […]