Browsing: hurricane

What is the history between Prime Insurance Company and the State of Mississippi?The lawsuit between the homeowners’ insurance company and the state dates back to 2018. At this time, hurricane Katrina had just passed over the U.S., damaging millions of peoples’ homes and land.At that point, the insurance companies, among which was Prime, paid out millions of dollars in claims from the clients, while receiving way less in premiums. A major loss.The state, however, felt that 12 different homeowners’ insurance companies did not abide by their policies and that the companies should pay millions to the state for the cost…

What do hurricanes do to my home insurance?The atlantic hurricane season, which occurs every year towards the end of the year, takes its toll on housing. Hurricanes are responsible for destroying more and more properties as the population increases.Hurricane Ian, the largest hurricane of this season, destroyed an estimate of $67 billion in privately insured properties in multiple states, RMS estimates.  What damages can a hurricane create to my home?According to the RMS report, their estimate comes from a couple seperate causes. Wind damages, including coverage leakage, storm surges and inland flooding.All these seperate damages can be insured against, of…