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Navigating the aftermath of a hurricane demands resilience and support. If you've been impacted, understanding dual insurance claims for wind and flood damage is crucial. Our latest blog delves into this complex process, providing insights to help you face the challenges. As we extend our thoughts to those affected, we're here to offer guidance. Learn more about the path forward with D.A. Lamont Public Adjusters. Your recovery matters to us. https://lnkd.in/gdMCj2Ub #FloodDamage #WindDamage #StormDamage #PropertyDamage #PublicAdjuster #InsuranceClaims #PropertyInsurance

While all eyes were on hurricane prone properties this year, smaller inland natural disasters accumulated over $50B of insured losses in the US. As insurers look to implement updated modeling and rates for 2024, it will be interesting to see how punitive rates will be towards property located in Severe Convective Storm (SCS) areas. This will be particularly true in areas from Texas across the southeast to North Carolina. Most people think Real Estate has the most to gain from CAT modeling and updating tertiary property characteristics, but mid-to-large manufacturing and distribution operations benefit significantly from understanding their risk and exposure from natural catastrophe losses. Especially since the roof surface area and contents/stock can lead to larger loss scenarios when it comes to hail and convective storm systems. Happy to help anyone looking for ways to quantify and strategize around their property risks. #propertyinsurance #manufacturing #distribution https://lnkd.in/gQHrDKvk

Insurance companies face additional pressure this year as climate-related risks continue to push catastrophic losses higher. The Atlantic hurricane season is running above average, with 14 named storms, four hurricanes, and three major hurricanes so far. Secondary perils like wildfires and floods have been slowly adding to primary insurers' catalytic losses and limiting profitability #California #AmericanInternationalGroup #PaulNewsome #Hawaii #MountEverest #UnitedStatesDollar #TheAtlantic #EastCoastOfTheUnitedStates #Maui #MorganStanley #UnitedStates #EverestRe #PiperSandlerCompanies #Florida #HomeInsurance #Nature

It's crucial to shine a light on this significant yet often overlooked issue: insurance complications that can arise from hurricane season. When hurricanes strike, they don't just cause physical damage to our homes and infrastructure. They can also expose gaps in our insurance coverage, highlighting the intricacies of policy wordings and conditions, often leading to unforeseen financial implications. It's essential to understand that not all homeowner's insurance policies cover hurricane-related damages. Typically, these policies exclude coverage for "flood damage," which can often be a major aspect of hurricane damage. The standard homeowners’ insurance policy does not cover flood damage at all. Instead, it is typically available through the federal government's National Flood Insurance Program (NFIP) and a few private insurers. Moreover, many homeowners' policies come with a separate, higher deductible for damages caused by hurricanes or windstorms. This may come as a surprise to many policyholders, and it's always better to understand these terms before disaster strikes. So, as we navigate through this hurricane season, I urge everyone to take a moment to review your insurance policies. Understand what is and isn't covered. If there are gaps in your coverage, now is the time to address them. I also encourage business owners to check their business interruption coverage to ensure it includes natural disasters and to understand the conditions for payout and any waiting periods. Remember, it's not just about having insurance. It's about having the right insurance. And sometimes, the real storm hits after the hurricane has passed – in the form of unexpected and uncovered losses. Let's prepare ourselves not just for the immediate impact of these natural disasters, but also for the aftermath. #Insurance #HurricaneSeason #RiskManagement #HomeownersInsurance #FloodInsurance #BusinessInterruptionInsurance

Hurricane season is upon us. Dive into the world of hurricane models and their impact on the insurance industry in this AAIS Webinar featuring AAIS Partner, Davies. Learn how data from storms helps insurance carriers price policies and how regulators use this information to protect consumers. Watch the full session on demand.👇 #HurricaneModels #DataAnalytics #RiskManagement https://lnkd.in/eFjyEPKH

🌀 The $9 Billion Storm: Financial Aftershocks of Hurricane Idalia 🌀 Hey there Weather Warriors! 🌟 Hurricane Idalia has come and gone, but it's leaving more than just physical damage in its wake. Let's unravel the financial tangle, shall we? 🔑 Key Takeaways: 1️⃣ Big Numbers, Bigger Questions: UBS estimates put insured losses from Idalia in Florida at around $9.36 billion. That's a lot of zeros! 💸🌀 2️⃣ Reinsurers Feeling the Heat: They've bumped rates up as much as 50%, and this could trickle down to your own premiums. 📈🛡️ 3️⃣ Insurance Exodus: Some well-known providers are rethinking their Florida game, meaning fewer options for residents. 🌴❌ 4️⃣ Climate Change's Role: As natural disasters ramp up, some in the industry are pointing fingers at climate shifts. 🌍⛈️ 5️⃣ The Last Resort: State-backed Citizens Property Insurance is gaining market share, offering a fallback for many. 🏡🔒 Hungry for more? 👉 Read Further Here: https://lnkd.in/gUNBha2Y 👇 So what's your next move in this evolving insurance landscape? Drop your thoughts below! #HurricaneIdalia #InsuranceTrends #StayInformed #Florida #FloridaInsurance

Great insights on the 2024 NCAT season. Is your claim organization prepared? Innovative Guidewire clients are harnessing geospatial, weather, PIF, satellite and aerial images via Guidewire Marketplace to determine the extent of damage…often before their insured does! Ask me for more details!

Modern roofs experienced significantly reduced damage from Hurricane Ian in 2022, as homes having roofs installed after 2015 experienced less damage than older roofs. Better design and material works. Insurance can act as an catalyst in the adoption of climate resilience building standards via actively pricing risks in favor of better builds. https://lnkd.in/gc4HASex