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Hurricane Ian is a reminder for all homeowners to check their insurance coverage for natural disasters

CNBC LogoCNBC3 mo ago

Hurricane Ian is a reminder for all homeowners to check their insurance coverage for natural disasters - CNBC

Quick Summary:

FEMA recently implemented Risk Rating 2.0, an actuarially sound approach to better assess individual flood risk, which has caused premiums to rise for some homeowners and fall for others.

It's worth noting that before Ian made landfall, the home insurance market in Florida was in turmoil due to rampant roof replacement claim schemes and excessive litigation filed against property insurers, said Mark Friedlander, spokesman for the Insurance Information Institute.

For instance, after 2017′s Hurricane Harvey, which dumped as much as 60 inches of rain in some spots in Texas, the average FEMA grant for individuals was $7,000, while the average claim through the National Flood Insurance Program was more than $100,000.


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Article Details

Category: Economy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-29 @ 16:48:34 (3 months ago)

News Timezone: GMT -5:00

Ranking: #675 (out of 3383 stories this day)

News Source URL: cnbc.com

Language: English

Article Length: 836 words

Reading Time: 5 minutes read

Sentences: 34 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CNBC

News ID: 623602

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About CNBC

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Main Topics: EconomyBusiness

Official Website: cnbc.com

Update Frequency: 8 posts per day

Year Established: 2005

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #5

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