Fewer homeowners in North and South Carolina own flood insurance than five years ago, signaling many won’t have access to ready cash if they need to rebuild after Hurricane Florence. Standard homeowners’ insurance policies typically cover damage from fire and other storm-related events. But they exclude storm surge and other flooding damage—and wind damage, in… Continue reading Fewer Households in Hurricane Florence’s Path Have Flood Insurance than in 2013
Tag: flood insurance
East Coast Preps for the “Storm of a Lifetime” As Florence Heads for the Carolinas
Hurricane Florence, heading for the Carolinas, “will likely be the storm of a lifetime” for areas of the coast, according to the National Weather Service early Wednesday. The Category 4 storm was expected to start hitting the North and South Carolina coasts sometime Thursday or Friday, and should make landfall near Wilmington, N.C., early Saturday… Continue reading East Coast Preps for the “Storm of a Lifetime” As Florence Heads for the Carolinas
To Prep for Hurricane Florence, Investors Sell Off Insurers
Hurricanes almost always set off an orchestrated dance on Wall Street before they make landfall, with shares of property and casualty insurance companies dumped in favor of companies that sell construction supplies or portable generators. That routine began a week ago, though Hurricane Florence appears to be turning up the volume this time. The last… Continue reading To Prep for Hurricane Florence, Investors Sell Off Insurers
Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down
Days before Hurricane Florence is expected to slam into the U.S. East Coast, insurers are starting to see potential claims costs tick upward as people flee and companies halt operations. Evacuations, already affecting more than 1 million people in and around North Carolina, start the clock ticking on business-interruption insurance policies, which help replace lost… Continue reading Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down
East Coast Bracing for Massive Hurricane as More than 1 Million Face Mandatory Evacuation
Hurricane Florence has potential to cause “massive damage” to parts of the southeastern and mid-Atlantic United States — and not just in the coastal areas where the storm aims to make landfall Thursday night, officials warned. More than 1 million people face mandatory evacuation orders Tuesday in coastal areas of Virginia, North Carolina and… Continue reading East Coast Bracing for Massive Hurricane as More than 1 Million Face Mandatory Evacuation
CoreLogic: Hurricane Florence Could Unleash Storm Surge Damage on Nearly 759,000 Homes in the Carolinas and Virginia
CoreLogic® a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 758,657 homes in North Carolina, South Carolina and Virginia with a reconstruction cost value (RCV) of approximately $170.2 billion are at potential risk of storm surge damage from Hurricane Florence based on its Category 4 status. Current projections show… Continue reading CoreLogic: Hurricane Florence Could Unleash Storm Surge Damage on Nearly 759,000 Homes in the Carolinas and Virginia
Tropical Storm Gordon Roars Toward Gulf Coast, Expected to Make Landfall as Hurricane
Tropical Storm Gordon continued to gain strength Tuesday morning and is expected to become a hurricane by the time it hits the central U.S. Gulf Coast, including coastal Mississippi — just as the hurricane season reaches its peak period. Voluntary evacuation orders were issued Monday for parts of Louisiana for residents in areas outside the… Continue reading Tropical Storm Gordon Roars Toward Gulf Coast, Expected to Make Landfall as Hurricane
As the Seas Have Been Rising, Tri-State Home Values Have Been Sinking
Scientists from the non-profit First Street Foundation analyzed recent housing market trends in New York, New Jersey, and Connecticut and found $6.7 billion has been lost in home value from 2005 to 2017 due to sea level rise flooding. This builds on their previous research that found $7.4 billion in home value had been… Continue reading As the Seas Have Been Rising, Tri-State Home Values Have Been Sinking
Hurricane Irma’s Price Tag in Florida Passes $10 Billion
The price tag for Hurricane Irma keeps going up. The estimated insured losses in Florida have hit $10.5 billion, and that doesn’t even include flood damage. On the brighter side, the pace of new claims has slowed considerably in recent months and in our local counties, less than 4 percent remain open. Florida property owners… Continue reading Hurricane Irma’s Price Tag in Florida Passes $10 Billion
House Passes Bill to Renew, Overhaul Federal Flood Insurance
The House on Tuesday passed a bill to renew and overhaul the National Flood Insurance Program (NFIP) after months of negotiations between fiscal conservatives and lawmakers from coastal areas. Called the 21st Century Flood Reform Act, the bill renews the debt-riddled NFIP for five years, updates federal flood mapping requirements and seeks to bolster an… Continue reading House Passes Bill to Renew, Overhaul Federal Flood Insurance