Chris Schafer

Dec 11, 2024 | insurify.com | Sara Getman |Chris Schafer |John Leach

Citizens Property Insurance is experiencing a tumultuous year, and the pressures aren’t ending soon. The insurer has received nearly 458,000 claims, valuing over $5.3 billion, for hurricanes Debby, Helene, and Milton. But thousands of those are closing without payment, including three-quarters of the 3,000 claims filed after Hurricane Debby, NOTUS found.

Oct 23, 2024 | insurify.com | Julia Taliesin |Chris Schafer

Recent hurricanes Helene and Milton poured trillions of gallons of rainwater across multiple states, causing catastrophic flooding. But the problem of increasingly elevated flood risk isn’t unique to the U.S.Changing weather patterns, population movement, and other factors affecting inland and coastal waters expose 3 in 10 people worldwide to significant flood risk, according to a recent report from data and insights company Moody’s.

Oct 23, 2024 | insurify.com | Chris Schafer

Catastrophic inland flooding in North Carolina, South Carolina, and Tennessee has made headlines across the country in recent months. Severe flooding in areas not typically associated with flood problems may have Americans wondering if they should buy federal flood insurance. But National Flood Insurance Program (NFIP) coverage may not be available to everyone who wants it.

Oct 16, 2024 | insurify.com | Katie Powers |Chris Schafer

Home>Homeowners Insurance>NewsThe annual average number of severe weather events is increasing. Severe storms, winter storms, a tropical cyclone, and a wildfire comprise the year’s current tally of weather disasters with losses of $1 billion or more.

Sep 20, 2024 | insurify.com | Julia Taliesin |Chris Schafer

If insurance companies want to use predictive formulas to justify wildfire insurance rate increases in California, they’ll have to write more policies in high-risk areas, under sweeping reform measures currently underway in the state. Commissioner Ricardo Lara aims to address the limitations of California’s Proposition 103, which permits insurers to propose any rate increases needed to cover future losses but doesn’t require them to cover all residents.