hurricane Archives - Consumer Insurance Guide

Rebuilding after Sandy offers chance to reinforce the home

By Consumer Insurance Guide Staff
January 30, 2013February 26, 2013

The damage inflicted by Hurricane Sandy offers an opportunity for residents to reinforce their homes as they rebuild and an example of what could happen if they don’t. The Insurance Institute for Business & Home Safety offers new insights and guidance focused on key rebuilding issues to help residents and business owners repair or rebuild so that their property is stronger and more resilient. “While everyone is anxious to get back into their homes or resume…

Sinkhole insurance policies rest on unsettled ground

By Mike Mosser
January 23, 2013February 26, 2013

The term sinkhole conjures up images of the Earth opening up and swallowing an entire house. As impressive and downright scary as this is, such events are rare and might not even be actual sinkholes, for the term has different meanings for geologists, insurance law and the general public. Sewer line and water main breaks have been known to carry away the soil below a street and cause a sudden collapse of a roadway or…

Storm losses covered by business interruption policy

By Consumer Insurance Guide Staff
November 8, 2012November 27, 2012

As the East Coast recovers from the aftermath of Hurricane Sandy, even businesses that suffered no physical damage are still facing a loss from being unable to reopen. Those that have business interruption insurance will be facing much less of a financial hit as their policies cover the impact of a hurricane, according to the Insurance Information Institute. “After a major disaster, it can take more time than many people anticipate getting a business back…

Answers on filing a claim after Hurricane Sandy

By Consumer Insurance Guide Staff
November 5, 2012November 12, 2012

As survivors of Hurricane Sandy scramble to contact their insurance providers and file claims, they’re bound to have plenty of questions as to what’s covered. Survivors are encouraged to contact their insurance company or local agent as soon as possible to begin the claims process. For those facing such a process, the Insurance Information Institute offers a list of frequently asked questions that most consumers have after a storm: 1. Is wind damage covered under…

Homeowners insurance does not cover damage from floods

By Consumer Insurance Guide Staff
October 30, 2012October 30, 2012

Hurricane Sandy’s treatment of the East Coast offers a warning that floods aren’t just located in Florida and Louisiana. It’s also a reminder that homeowners need a separate flood policy to cover the damage. Flood insurance is available in the form of a separate policy from both the federal government’s National Flood Insurance Program and from a few private insurers. Properties situated in a designated flood zone generally have flood insurance policies covering them, according to the Insurance Information…

Extreme weather presents a growing insurance risk

By Consumer Insurance Guide Staff
October 2, 2012October 16, 2012

An increasing level of extreme weather poses growing risks to the financial stability of insurance companies, according to a new report. According to the nonprofit group Ceres, there are proactive approaches insurers, regulators and investors can take to address these risks. The report “Stormy Future for U.S. Property and Casualty Insurers: The Growing Costs and Risks of Extreme Weather Events” illustrates how climate change is contributing to stronger, more frequent heat waves, drought and extreme…

2012 hurricane season proving an active one so far

By Consumer Insurance Guide Staff
September 19, 2012October 2, 2012

The 2012 hurricane season is the second most active one in recorded history so far, yet the season is just a little more than half over. As September is typically the most active month, the potential for additional loses is high, according to modeling firm Risk Management Solutions. The company estimates U.S. insured losses from Hurricane Issac’s wind and surge impacts on the U.S. Gulf Coast will fall between $1−2 billion, excluding rainfall driven flood…

Hurricane season not over yet

By Consumer Insurance Guide Staff
September 17, 2012September 17, 2012

Hurricane Isaac may have come and gone, but hurricane season is still underway. Residents of the Gulf Coast and Atlantic area will still need to be ready for storms in the coming weeks, according to the Property Casualty Insurers Association of America. “It is crucial for coastal homeowners and business owners to be vigilant, not just this week, but over the next few weeks as well,” Chris Hackett, PCI’s director of personal lines policy, said…

Hurricane Isaac raises supply chain & risk coverage issues

By Consumer Insurance Guide Staff
September 12, 2012September 12, 2012

When Hurricane Isaac hit the Gulf Coast, along with the torrential rain and winds came the potential for business disruptions and not just in the region itself. The storm serves as a reminder of the need for businesses to engage in risk management, including the purchase of supply chain coverage, according to the Insurance Information Institute. The Gulf accounts for 30 percent of the nation’s oil production and 20 percent of natural gas production. It…

How insurance claims are handled after a hurricane

By Consumer Insurance Guide Staff
September 5, 2012September 5, 2012

For survivors of Hurricane Isaac, the first step to recovering after the storm should be to contact their insurance company or agent and report it, according to the Insurance Information Institute. Consumers will want to find out whether the damage is covered under the terms of their insurance policy and, if so, how long it will take to process a claim. Then they can prepare for the claims adjuster’s visit. An adjuster is an insurance…