Hundreds of homes have been destroyed as firefighters, National Guardsmen and other authorities work to contain a cluster of wildfires that is threatening residential structures across a wide swath of land in Washington state.
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If commercial property valuations are not calculated accurately, property owners may not be covered for the full cost of repairing or replacing their structure in the aftermath of a natural disaster.
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Although the 2014 Atlantic hurricane season has been relatively mild so far, storm activity tends to pick up in August and September.
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First responders and other professionals must be ready to step in and provide vital services in the aftermath of a natural disaster, but they must also be prepared to manage a prolonged recovery process, providing safety and support for affected residents.
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The Federal Emergency Management Agency (FEMA) is updating its flood hazard maps based on new data. These maps play a role in determining whether properties need to be covered by flood insurance, as well as as the cost of insuring structures.
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The Insurance Information Institute (I.I.I.) and State Farm recently released the results of their research into lightning-related claims data from the last decade. They found a significant decline in both the number and value of claims paid by insurers.
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The National Association of Home Builders reports that builders are reluctant to start work on new residential properties, partly due to supply chain problems.
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Given the trends in the housing market, the financial sector and the broader economy, it will be increasingly important for insurance carriers to have a solution in place that can provide accurate valuations for any type and size residential property, including high value homes.
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Many communities issued restrictions on residents’ ability to launch fireworks during the Fourth of July holiday weekend.
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Insurance agents in parts of Oklahoma say they are answering more questions from property owners about earthquake coverage these days, according to the Enid News & Eagle.
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