Browsing: climate change

What is flood insurance used for?Flood insurance is often used to protect their properties and belongings from the financial losses associated with flooding.Standard homeowners’ insurance policies typically do not cover flood damage.While they may provide coverage for certain water-related incidents like burst pipes or roof leaks, they exclude coverage for natural flooding caused by heavy rainfall, hurricanes, storm surges, or overflowing rivers.Therefore, to safeguard against flood-related losses, individuals often buy separate flood insurance coverage.Flood damage can be extremely costly to repair, as it can cause structural damage, destroy personal belongings, and lead to significant restoration expenses. Flood insurance helps policyholders…

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The situation at hand: A vague picture In California, Florida and Louisiana, the last couple of months, many homeowners’ insurers have gone bankrupt due to the mass claims during the horrible storms and weather. This brings into question how available the insurances still are and how much you can protect your home against these events. In other words: Is the climate change, affecting the availability of insurance? Of course, no insurer wants to spend too much money, because they are all about making money. So setting up shop in vulnerable areas, might be a bad idea for the larger companies…

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