Tag

Weather Events

All articles tagged with #weather events

insurance1 year ago

"Insurance Crisis: Thousands of Homeowners in 9 States Face Housing Insecurity"

American National Group plans to stop offering homeowners insurance in nine states due to declining profitability caused by increased frequency and severity of weather events and inflationary pressures. This decision reflects a trend among major insurance firms like Allstate, Farmers, and State Farm, who have also ceased providing homeowners insurance in certain states due to similar reasons. Homeowners across the country are experiencing soaring insurance costs due to unpredictable weather patterns, leading to increased claims and higher premiums, with experts predicting further rate hikes in the coming years as insurers become more selective in who they insure and adapt to climate change.

finance1 year ago

"Florida Home Insurance Companies Push for Over 50% Premium Hikes"

Two insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking approval for premium hikes of over 50% for Florida homeowners, citing increased costs due to severe weather events. The Florida Office of Insurance Regulation will hold hearings to decide on the rate requests. Mark Friedlander of the Insurance Information Institute noted that the proposed increases are lower than last year's triple-digit jumps, and mentioned that seven new insurers have been approved to write homeowners' policies in Florida in 2024, potentially leading to more choices and better pricing for homeowners. Allstate, the owner of Castle Key, stated that the cost of providing reliable protection for Florida homeowners has risen dramatically and expressed confidence in recent insurance reforms addressing longstanding challenges in the state.

climate2 years ago

"Northeast Braces for Intensifying Winter Storms and Flood Alerts"

FEMA's daily hazard outlook map, designed to show threats expected in the coming days, has been increasingly crowded with a confluence of extreme weather events disrupting the United States, including snowstorms, intense flooding, high winds, and tornadoes. The map, which used to show localized concerns in parts of the country with much of it showing no hazards, now depicts a worrisome hazard in almost every state, reflecting the intensifying and widespread impact of extreme weather across the nation.

travel2 years ago

Air travel woes continue: Buffalo airport leads in cancellations and complaints.

Buffalo Niagara International Airport ranked #1 in cancellations in 2022, with 5.55% of all flights cancelled, up from 1.43% in 2021. The airport was affected by two generational snowstorms and airline staffing and scheduling issues at other airports. However, the airport was closed for several days during the historic blizzard in December. The nationwide cancellations were the highest since 2014, with airlines tending to cancel flights to and from airports where they have other options for their passengers.