Browsing: homeowners insurance

What is the problem with home insurance in Louisiana?We all have heard of hurricane Katrina and Rita, soaring through the United States leaving a wave of destruction. But Louisiana is, in general, prone to a number of natural disasters, including hurricanes, floods, and tornadoes.The state is located on the Gulf Coast, which makes it vulnerable to hurricanes and tropical storms. The state is also low-lying, with much of the land lying below sea level, which increases the risk of flooding.Compared to other states, Louisiana has a high rate of destruction terrorizing homes and increases the need for homeowners’ insurances.Are people…

What is the current situation in California?The Golden State has taken a big hit due to the rainfall at the end of last year. Not only this the water cause mudslides, but also flooding in the streets which caused a lot of damage to homes.The area is known for floods and over the past decades, multiple areas have been announced as “high-risk” areas for flooding. This means that residents in California know the possibility of floods happening.This does not mean that floods happen everywhere all the time. But as we can see the global trend of flooding, we see them…

How much does nature influences risk on the insurance?Colorado is, like more states, tired of all the natural disasters happening in its state. Wildfires are one of the major natural causes of insurance claims in the state, covering millions of claimed tax-payer’s dollars.Currently, the state’s insurers are pulling back in the masses, denying a lot of newly requested or renewed insurances. Even fireproofing your home, does not relief you from this event happening, as Denver7 reports.What is the state going to do to make homeowners’ insurances available?Lawmakers are currently looking into the creation of plans to make premiums affordable again…

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…