Insurance Business America’s Post

Hurricane Ian's storm surge of at least 13.8 feet along Fort Myers Beach is the highest surge ever recorded in Southwest Florida over the past 150 years, and it caused massive flooding damage, washing away entire buildings. Water can be one of the most destructive forces of a hurricane, whether it’s rain entering the home through a hole in the roof, a blown-in front door, or several feet of storm surge flooding it. It is crucial to know if you live in a flood zone and to get flood insurance coverage if you do. It is crucial to document water damage, irrespective of whether you hold a separate flood insurance policy within your homeowner's insurance coverage. This documentation is essential because, in instances where heavy rainfall coincides with strong winds, structural damage to your home can lead to secondary flooding, categorically falling under the umbrella of windstorm damage. The additional threat of storm surges introduces the possibility of flooding that may not be encompassed by your insurance policy. When initiating a hurricane insurance claim, providing comprehensive and detailed descriptions of the damages, accompanied by photographs, can streamline and expedite the intricate and potentially stressful claims process. If you have questions about a hurricane claim, give us a call at ZinnLaw, we excel in hurricane litigation, (239) 418-1529 or go to our website https://zinn.law #SWFLhurricanelitigation, #Floridahurricanelawyer

The total economic loss from Hurricane Helene is likely to exceed $150-Billion. It's quite possible that Helene will end up being one of the five costliest storms in US history. Amazingly, however, the insured loss is projected to be well under $10-Billion. A "rule of thumb" for these events in the United States is to assume that 50% - 75% of the total economic loss has been transferred to the insurance industry, with a significant portion of that transferred again to the reinsurance industry and capital markets. Capital flows "up the stack" which builds economic resilience at the community level (homeowners, business owners, renters, etc). In this case, "Insured losses are much lower than the total economic impact, as flood damage is typically excluded from standard property policies and only covered by supplemental policies or from the National Flood Insurance Program. Property owners in Georgia and South Carolina also carry less flood coverage than people in Florida, which has been regularly battered by storms." This presents a fascinating nuance in the risk transfer markets. This event exposes a massive gap in economic resilience for communities that aren't facing the obvious risks but are at risk nonetheless. (Subscription needed):

As per today's 10:00 am update on Tropical Storm (soon to be Hurricane) Francine, the track has shifted slightly east putting more of Southeast Louisiana in harm's way. With such, Toups Insurance has activated it's Emergency Preparedness Plan to continue to service the needs of our clients prior to, during, and post-storm while protecting the safety and well-being of our team members and their families. Our office will be closed on Wednesday, September 11th; however, our team will be working remotely answering calls and emails from 9:00 am to 1:00 pm as conditions allow. We do plan to return to the office at 9:00 am on Thursday, September 12th to accept and file claims. Should this change, we will post updates on all of our social media channels (Facebook. Instagram, X/Twitter, and LinkedIn) where you can also find information related to hurricane preparedness tips, reporting claims, and other important matters. If you have a claim, please immediately report your claim to your insurance company Many carriers have a dedicated web page to file your claim. Here is a list of claim numbers, email addresses, and websites to file your claim with your carrier. https://lnkd.in/gran2JuF In the event you incur damage from the storm, please document all damage with photos, videos, notes, estimates, etc. prior to making any repairs. Please be ready to provide this damage documentation to your claims adjuster for inclusion in your claim estimate. Last, let's pray for the best and prepare for the worst. Louisianians are a resilient group and come together at times of greatest need. Team Toups Insurance will be here to assist and service all clients and our community in the days to come.

The insured losses from Hurricane Milton ONLY are projected to be between $30 billion and $50 billion, according to Verisk. Just feel for so many people who have had their homes and businesses drastically impacted, their resiliency is unbelievable to continue to bounce back. From an insurance perspective, it's devastating to see such large-scale damage as it not only impacts policyholders but also strains the resources and capacity of insurance providers particularly with back-to-back storms affecting the same regions. It will be interesting to see how the overall impact of rates nationally are impacted when the dust settles.

As we approach the middle of the 2024 Atlantic Hurricane season, all signs are pointing to increased volatility that may result in destructive coastal hurricanes. ARE YOU PREPARED? DO YOU HAVE A PLAN? HOW ARE YOU COVERED IF YOUR HOME IS DAMAGED AND YOUR ARE DISPLACED? WHO IS YOUR FIRST CONTACT WITH INSURANCE?

#habitableplanet Excerpt: When Hurricane Helene slammed into Florida on Thursday night, it made landfall in the state’s sparsely populated Big Bend, far from the glittering cities with expensive waterfront property to the south. But that didn’t stop Helene from becoming another multibillion-dollar superstorm. The hurricane’s massive size and record-breaking storm surge left an equally massive footprint of destruction across the Southeast, from Florida’s Tampa Bay region to Georgia, Tennessee and the Carolinas. The storm likely caused $15 billion to $26 billion in property damage, as well as an additional $5 billion to $8 billion in lost economic output, Moody’s Analytics said. Although it is too early to know the full extent of the damage, experts said the storm could have major consequences for homeowners, the private insurance industry and the federal flood insurance program. “In Florida, we have seen so many companies go belly up because of disasters,” said Amy Bach, executive director of United Policyholders, a consumer advocacy group. As some companies have abandoned the market, new ones have moved in. But Bach said these new players have less experience paying claims and less capital to draw from than the big national carriers. A wave of new insurance claims could send them into bankruptcy. https://lnkd.in/es2SW3_n

Hurricane Milton: Navigating Insurance Recovery and Business Interruption In the wake of Hurricane Milton, which recently made landfall as a Category 5 storm on Florida’s Gulf Coast, the insurance industry braces for losses estimated at up to $60 billion. This follows closely after Hurricane Helene’s devastation just two weeks earlier, leaving a trail of damage across multiple states. For businesses and property owners impacted by these back-to-back disasters, securing insurance recovery is crucial. Here are key steps to ensure your claims are managed efficiently: 1️⃣ Review all insurance policies: Understand your coverage and identify key deadlines. 2️⃣ Document damage thoroughly: Photos, logs, and receipts will be essential for claims. 3️⃣ Provide immediate notice: Timely communication with insurers is vital. 4️⃣ Engage professional expertise: Forensic accountants and coverage lawyers can be invaluable. Insurers and reinsurers are now adjusting their models and premiums to reflect the rising frequency and severity of these events. As we move forward, expect to see higher rates and tightened terms, as the industry adapts to a changing climate landscape. Stay prepared and take action now to secure your business and assets https://wix.to/0d4CTax #newblogpost, #HurricaneMilton #BusinessInterruption #InsuranceRecovery #ClimateImpact #DisasterRelief #PropertyInsurance #Reinsurance #FloridaStorms #FEMA #BusinessContinuity #HurricaneMilton #BusinessInterruption #InsuranceRecovery

🌪️🌧️ The 2024 Hurricane Season is officially here, and NOAA forecasts an active one, especially for the Atlantic Seaboard. Are you ready? Here are our tips to be prepared and ensure you have the right insurance protection on your home or business this year: 🔍 Review Your Insurance Coverage: Hurricane/Windstorm Deductibles: These are separate from your standard deductible and can be a percentage of your home's insured value. Ensure you know what you’ll need to pay out-of-pocket if a hurricane hits. Flood Insurance: Remember, most flood insurance policies have a 30-day waiting period before they take effect. Don’t wait until the storm is on the horizon to get covered. Water Backup Coverage: This protects you if your sump pump fails due to power loss, mechanical failure, or being overworked during a large rainstorm. If you have a finished basement, consider increasing your coverage, as standard policies often have low limits for water backup and sump pump failure, which may not be enough to cover extensive damage. OIA is here to help, and now is the time to get prepared. 🏠 ⚠️ Call or click anytime! -Your Indie Agent Adam OIAnow.com 908-476-8685 #hurricaneseason #riskmanagement #insurance

🌀 **Hurricane Season Alert: Secure Your Flood Policy with J&D Insurance Associates** 🌀 As the hurricane season approaches, it's critical to ensure your peace of mind by reviewing and securing your flood insurance coverage. At J&D Insurance Associates, we understand the urgency and importance of being prepared for any eventuality. - **Don't Wait Until It's Too Late:** The time to act is now. Waiting until a storm is on the horizon could leave you and your assets vulnerable. Ensure your flood policy is in place and your coverage amounts are accurately assessed to protect what matters most to you. - **Expert Guidance Just A Call Away:** Our team at J&D Insurance Associates is here to help you navigate through your options and make informed decisions. Whether you need to update your policy, adjust coverage, or if you're unsure where to start, we're here to guide you every step of the way. - **Contact Us Today:** Don't delay your preparedness. For a comprehensive review of your flood insurance or to get started with a new policy, call us today at 239-799-5411. Your safety and security are our top priorities, and we're committed to ensuring you're fully protected this hurricane season. Stay safe and protected with J&D Insurance Associates – Your trusted partner in safeguarding your future. #HurricanePreparedness #FloodInsurance #SafetyFirst #JDInsuranceAssociates #insurance #insurancesolutions #floodinsurance

Dear Valued Clients, As we navigate through the aftermath of Hurricane Helene, we want to assure you that our team is actively working to support you during this challenging time. We are here to assist you, and we will be reaching out personally. In the meantime, we’ve provided important steps to help you get started on your flood claim: 1. File Your Claim: Contact your insurance provider directly to file a claim. Below is a list of flood insurance companies with claim numbers. Have your policy number and relevant documentation (photos, videos, receipts) ready. 2. Document the Damage: Take detailed photos and videos of all flood-related damage. Do not begin repairs before documenting the damage, as this may impact your claim. 3. Prevent Further Damage: Take steps to prevent further damage, such as tarping a roof or moving water-damaged items to a dry area. Keep receipts for any temporary repairs; these may be reimbursable. 4. Additional Resources: For immediate assistance, contact FEMA at 1-800-621-3362 or visit www.fema.gov for disaster recovery programs. For flood insurance, visit the National Flood Insurance Program (NFIP) at www.floodsmart.gov for guidance. Claims Filing Information: Making a claim online directly with your insurance company is currently the fastest way to get your claim processed. Phone lines will experience long wait times due to high call volumes. Below are the contact numbers for filing claims: Wright Flood: 1 (800) 725-9472 National Flood Services: 1 (800) 637-3846 Neptune Flood: 1 (888) 211-2776 Bankers Insurance Company: 1 (800) 765-9700 National General Insurance: 1 (800) 325-1088 The Hartford: 1 (800) 243-5860 American Traditions Ins Co: 1 (866) 277-9871 Allstate Insurance Company: 1 (877) 810-2920 NFIP: 1 (800) 427-4661 Risk Placement Services: 844-777-8323 American Strategic Ins Corp.: 1 (866) 274-5677 The Flood Insurance Agency: 1 (866) 979-9400 Universal Ins. Co. of N. America: 1 (866) 999-0898 QBE Flood Insurance: 1-844-723-2524 WNC First Insurance Services: 1 (800) 627-7601 Important Reminder: Please be cautious of predatory contractors during this time. Do not sign over your rights to any restoration company or contractor under an Assignment of Benefits (AOB) contract, as this will transfer control of your claim and repairs to them. Filing directly with your insurance company ensures you retain control. Many insurers also have preferred contractors to ensure quality and cost-effective repairs. If you have any urgent concerns, feel free to reach out. Thank you for your patience, and we hope you and your loved ones are safe.