Property Insurance News

01/23/2018 09:00 AM
Fraud Investigators Catch Serial Arsonist After 33 Fire Claims
For years¸ one small disaster after another followed Verdon Taylor. He would buy a used car¸ own it for a while¸ and it would catch fire. He would move into a rental property and soon his belongings would go up in flames. He would purchase a mobile home¸ only to see it burn¸ with all of his possessions lost. Several of his acquaintances were similarly beset by combustion¸ based on the numerous insurance claims they filed for ruined vehicles¸ houses¸ apartments and trailers. Before a federal grand jury in Richmond indicted Taylor and five others in an arson-for-profit scheme¸ they collected nearly $1 million from 17 insurance companies. . . .

01/23/2018 08:15 AM
Northeast Texas Homes Lose Roofs Amid Severe Storms
Officials say no one has been hurt during strong storms and possible tornadoes in Northeast Texas that damaged some structures and dumped hail as big as golf balls. The National Weather Service says severe weather Sunday night struck parts of Wood¸ Franklin and Bowie counties. Forecaster Davyon Hill says preliminary damage reports indicate there were probably tornadoes but agency personnel need to survey the area. Hill says the storms went through the Winnsboro and De Kalb areas¸ with at least 20 homes losing roofs or other structural damage. Wood County had hail the size of golf balls.

01/23/2018 07:45 AM
U.S. West Coast Braces For Possible Tsunami After Gulf Of Alaska Quake
A 7.9-magnitude earthquake struck the Gulf of Alaska early on Tuesday¸ prompting warnings of a possible tsunami down the West Coast of North America. Evacuation orders were in place in parts of Alaska and as far south as San Francisco as officials urged people who live near the ocean to be ready to flee if needed. Hundreds of people packed into the high school in Kodiak¸ a town of 6¸100 people on Alaska’s Kodiak Island¸ one of the closest settlements to the epicenter. Long lines of traffic formed in coastal communities including Homer and Seward¸ residents warned on social media.

01/22/2018 11:30 AM
Freezing Temps Break Water Pipes Across Texas
Several days of subfreezing temperatures resulted in frozen water pipes which are now leaking in homes across the state. With temperatures now warming above the freezing mark¸ homeowners are discovering water leaks and rushing to call plumbers for help. By Thursday morning¸ more than 3¸000 insurance claims from broken water pipes had been reported with many more insurance claims expected as the temperature continues to rise. The bulk of the claims have been in Houston and Dallas.

01/19/2018 10:15 AM
Insurers Agree To Increase Payments Without Itemization For North Bay Fire Losses
Under pressure from state Insurance Commissioner Dave Jones¸ many insurance companies have agreed to make additional payments for personal property lost in the North Bay fires without requiring policyholders to fill out a detailed inventory. Jones called on insurers last month to provide North Bay fire victims up to 100 percent of their personal property coverage limits without itemizing their losses¸ citing the emotional and physical toll that fire victims were undergoing. He asked them to reply by Jan. 8 on whether they would comply with his request.

01/18/2018 01:00 PM
After Weekend Ice Jams Cause Flooding¸ Two Vermont Towns Are Assessing Damages
Residents around the region are recovering after ice jams clogged some rivers and caused flooding over the weekend. The ice jams resulted from a wild temperature swing and mix of rain and snow. Two towns in Vermont were particularly hard hit: Johnson and Swanton. In Johnson¸ the Lamoille River flooded parts of the downtown on Saturday. Several apartment buildings were evacuated and Route 15 was closed. Inventory and refrigeration units were damaged at Johnson’s Sterling Market¸ but Town Manager Brian Story says the store plans to be back open in a limited capacity by next week.

01/18/2018 12:00 PM
Fire Leaves Fleet Maintenance Business With $2M In Property Damage¸ Contents Losses
A leak on a big rig that ran on natural gas led to a fire that caused more than $2 million in damage and losses at a truck maintenance facility in southwest Wichita on Monday¸ fire officials said. A fire at Fleet Maintenance Inc. in the 3700 block of West 30th Street South caused $1.5 million in damage to the building and $750¸000 in losses of building contents¸ Wichita fire Lt. Jose Ocadiz said Tuesday. Employees were doing mechanical work on a tractor-trailer fueled by compressed natural gas when a gas leak reached a heater inside the building and started the fire¸ Ocadiz said.

01/17/2018 12:15 PM
Number Of Homes Destroyed In Montecito Mudslides Doubles To 115
Officials say seven people remain hospitalized a week after they were injured in mudslides that devastated the coastal California town of Montecito¸ killing 20. Santa Barbara Cottage Hospital says that as of Monday evening¸ two of the seven still undergoing treatment were in critical condition. Three people including a 2-year-old girl remain missing. Twenty-eight patients have been treated and released. The mudslides were triggered Jan. 9 by a powerful storm that dumped heavy rain on mountain slopes that had been burned bare by a huge wildfire in December. The number of single-family homes determined to have been destroyed by mudslides has risen to 115.

01/17/2018 08:15 AM
Business Interruption: Burst Pipe From Subzero Temps Closes Restaurant
The parking lot was a skating rink¸ and the kitchen manager for Twelve Restaurant & Bar – who’d arrived early Tuesday morning to open up the restaurant at 12111 W Maple St. – noticed that it led right up to the front door. When he walked in¸ the carpet was soggy with two inches of water¸ and part of the ceiling over the main dining room had collapsed. The culprit: A pipe in the ceiling that had frozen then burst overnight. Twelve – obviously – will be closed for the day on Tuesday¸ said owner Bryce Kuhn¸ whose voice sounded shaky when he called. The damage is bad but his insurance company was sending a restoration company right over¸ he said.

01/16/2018 10:15 AM
California Mudslide Expected To Generate Tens Of Millions In Insured Losses
Aon Benfield’s Impact Forecasting unit released a report predicting that the California mudslide brought on by heavy rains following massive wildfires in the region will generate widespread losses. Overall¸ the report predicts an economic loss above $100 million. That said¸ the insured losses will be within the tens of millions. Parts of areas surrounding those cities had already been burned away by the massive wildfires that struck the state in recent weeks and months. With the local vegetation burned away¸ the plants were no longer present to hold the ground in place when the rains arrived.