Property Insurance News

11/20/2018 11:15 AM
Irma Claims Surpass $11 Billion In Florida
Claims for damage from Hurricane Irma in Florida have now topped $11 billion. More than 1 million Florida property owners have filed claims for insured losses from Irma¸ according to the latest report from the Florida Office of Insurance Regulation. They include 28¸815 owners of residential and commercial properties in Sarasota¸ Manatee and Charlotte counties who had submitted claims to insurers as of Nov. 14¸ the office said. Those accounted for less than 3 percent of the statewide total. Only three percent of the local claims are still under review. About four in every 10 of the local claims were turned down by insurers.

11/20/2018 09:15 AM
First Notice Of Loss Chatbot Service A Success For Florida’s Security First
Florida’s second-largest home insurer¸ Security First Insurance faced more than 3¸000 claims in the aftermath of Hurricane Michael earlier this year. It was the perfect time to deploy a new tool to help manage the load: A new chatbot servicing affected policyholders. The chatbot was developed just in time to aid policyholders before Michael hit¸ according to Marissa Buckley¸ Security First Insurance’s VP of marketing and brand experience. After 2017’s Hurricane Irma¸ Security First wanted a better and more effective way to assist members. “Our priority is to achieve scalability and offer the best experience possible¸ as well as an experience tailored to what the customer wants and needs¸” shared Buckley.

11/19/2018 02:30 PM
Explosion At Idaho Hazardous Waste Site Kills 1¸ Injures 3
An explosion Saturday at a hazardous waste site in southwestern Idaho killed one worker¸ injured three others and heavily damaged a building¸ officials said. US Ecology¸ which runs the site¸ said Monte “Alex” Green of Grand View¸ Idaho¸ died of his injuries from the explosion at 9:23 a.m. inside one of the buildings at the facility. Green was working as an equipment operator moving materials at the time of the accident¸ the company said. Three others received treatment for non-life threatening injuries¸ the company said. A total of 15 US Ecology employees were working during the time of the explosion. The facility is about 50 miles south of Boise.

11/19/2018 08:30 AM
Insured Losses From Camp And Woolsey Wildfires Estimated At $9-13 Billion: RMS
Risk modeling firm RMS said on Monday that it estimated insured losses from the Camp and Woolsey wildfires¸ which ravaged California¸ between $9 billion and $13 billion. RMS estimates insured losses of $7.5 billion-$10 billion from the Camp wildfire and $1.5 billion-$3 billion for the Woolsey fire¸ which caused massive destruction in Malibu¸ southern California¸ where million-dollar homes once stood. Besides the toll on human life¸ property losses from the Camp Fire that tore through the mountain town of Paradise make it the most destructive in California history¸ posing the additional challenge of providing long-term shelter for several thousands of displaced residents.

11/16/2018 07:00 AM
California Insurance Commissioner To Expedite Claims For Fire Victims¸ Allow Out-Of-State Adjusters
Insurance Commissioner Dave Jones issued an emergency notice Thursday to help expedite claims filed by victims recovering their properties from the California wildfires. Jones is asking for insurers to provide more flexibility with the deadlines and documentation required by homeowners to rebuild and recover their homes. He also wants insurers to bring more timely payments to policyholders. These payments will provide at least 30 days leniency for lost renewal notices or those who did not have the mail forwarded. “Victims of these devastating wildfires need all the help we can provide¸” Jones stated in a press release. “I am asking California insurers to adopt these expedited claims handling procedures to get help to policyholders more quickly¸ so they may begin working on rebuilding their homes and their lives.”

11/15/2018 09:00 AM
DOI Recoups $38.4M For Colorado Consumers
The Colorado Division of Insurance recovered about $38.4 million for Colorado consumers during the last fiscal year. In a Tuesday news release the agency¸ which is housed under the Department of Regulatory Agencies¸ announced $38¸475¸615 was reclaimed in the 2017-18 fiscal year. DOI’s investigation of consumers’ complaints against insurance companies netted about $11.4 million of the funds recovered¸ which was highlighted in its annual Complaints Against Insurers report¸ according to the release. That amount was a 34 percent increase over the approximately $8.5 million recovered in the 2016-17 fiscal year.

11/14/2018 09:45 AM
Sufficient Contractors¸ Adjusters Available For Hurricane Michael Recovery Efforts In Florida Panhandle
Devastation left by Hurricane Michael in Florida’s Panhandle last month evoked comparisons to Hurricane Andrew in South Florida 26 years earlier¸ but business experts don’t expect Michael’s aftermath to be nearly as disruptive beyond the destruction zone. Andrew’s assault on South Florida in 1992 destroyed 25¸524 homes¸ damaged another 101¸241 and caused more than $26 billion in damage — most in history at the time¸ according to the National Hurricane Center. The post-Andrew rebuilding effort sparked a construction boom and skyrocketing demand for workers in a wide range of trades¸ including general construction¸ furniture making¸ air-conditioning repair¸ plumbers¸ electricians¸ and roofers. Workers from across the nation trekked to South Florida¸ while prices increased for labor and building materials.

11/13/2018 12:15 PM
Insurance Payouts For Llano River Flooding In Texas May Hit $24 Million
The insurance bill to repair homes and other structures damaged during the flooding of the Llano River and Highland Lakes last month is on track to hit nearly $24 million¸ according to federal statistics¸ a figure likely to grow as more claims come in. The price tag is only for insured structures¸ so it doesn’t include repairs that property owners without flood insurance are paying for themselves. Gov. Greg Abbott has asked that a number of Central Texas counties hit hard by the flooding be declared federal disaster areas -- which could provide federal money for some uninsured repairs -- but his request is still pending.

11/13/2018 09:00 AM
Deadly Wildfires 30% Contained¸ But Fatalities Have Risen To 42
Search teams will fan out across the charred landscape of Paradise¸ California looking for human remains on Tuesday as authorities prepare for a rise in the deathcount from the state’s deadliest wildfire.Search teams will fan out across the charred landscape of Paradise¸ California looking for human remains on Tuesday as authorities prepare for a rise in the deathcount from the state’s deadliest wildfire. The “Camp Fire” blaze still raging in northern California has killed at least 42 people. Another 228 have been listed as missing¸ Butte County Sheriff Kory Honea said. Another two people died in the separate Woolsey Fire that has destroyed 435 structures and displaced about 200¸000 people in the mountains and foothills near Southern California’s Malibu coast¸ west of Los Angeles.

11/13/2018 08:00 AM
California Wildfire Most Destructive Ever¸ Multi-Billion Losses Expected
The current outbreak of wildfire activity in California is now the most destructive on record and joint deadliest¸ with the Camp Fire now having destroyed more than 6¸700 structures¸ while the Woolsey Fire has expanded further and as a result multi-billion dollar losses are to be expected for insurance¸ reinsurance and ILS market interests. The Camp¸ Woolsey and also Hill wildfires have all expanded significantly over the weekend¸ fanned by strong Santa Ana winds and tinder dry conditions. The Santa Ana wind conditions are expected to continue through the start of this week and fire weather in the region remains critical. The full extent of the devastating impact from the Camp Fire on the town of Paradise¸ California is now clear¸ with the town largely burned as 6¸453 homes and 260 commercial properties have been completely destroyed.