When a spring or summertime storm or tornado strikes, flying tree limbs and related debris can be a significant cause of damage, according to claims data from Nationawide Financial. Fortunatley there are steps homeowners can take to reduce the chance of damage to their house or vehicles. “Tornadoes happen any time of the day and year,” said Pete Lore, Nationwide’s associate vice president of claims, said in a statement. “Don’t wait until a storm is…
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Extreme weather presents a growing insurance risk
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…
Read MoreHow to help kids cope when natural disasters strike
As the tornado and hurricane seasons wreak havoc across the U.S., Save the Children is offering tips on how to help children cope in the face of disaster. Based on Save the Children’s years of domestic and international experience of coming to the aid of children in emergencies, these tips can be used as a guide for parents to support their loved ones in the event of a crisis. “Save the Children knows from experience…
Read MoreWeather insurance covers income lost to Mother Nature
As unpredictable as the weather can be, there are those whose incomes depend on it. In the past a lack of snow, too much or too little rain could spell trouble for them—unless they had the option of buying weather insurance. Megan Green, assistant vice president at Vortex Insurance Agency, provides weather insurance to cover all kinds of mishaps caused by Mother Nature. Green says policies tend to be event-based, such as someone canceling an…
Read MoreSummer storms invite fraud
The Coalition Against Insurance Fraud warns homeowners that the threat of summer rainstorms, hail, tornadoes, hurricanes and wildfires can not only cause damage to a homeowner’s property, they can also invite the risk of insurance fraud. After a storm, scammers will try to cheat honest homeowners who need repairs often urgently after a storm, or for routine seasonal fix-ups. “Most contractors are honest, but far too many are incompetent and unlicensed storm chasers whose best…
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