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Commercial properties are also vulnerable to disasters
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.
Arthur continued trend of tame hurricane season
Although the 2014 Atlantic hurricane season has been relatively mild so far, storm activity tends to pick up in August and September.
Disaster recovery plans need to account for the cost of replacing damaged structures
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.
FEMA updates flood risk maps for more than 20 states
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.
Insured losses from lightning decline from $1 billion-per-year average
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.
NAHB: Builders show mixed signals, still cautious about adding inventory
The National Association of Home Builders reports that builders are reluctant to start work on new residential properties, partly due to supply chain problems.
Mortgage finance industry continues to favor development of high value properties
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.
Restrictions placed on Fourth of July fireworks in areas experiencing drought
Many communities issued restrictions on residents’ ability to launch fireworks during the Fourth of July holiday weekend.
Insurers: Oklahoma homeowners becoming more concerned about earthquakes
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.
Can drones help drought-stricken states combat wildfires more effectively?
The Oregon Department of Forestry will deploy at least one drone in the fight against wildfires this summer as part of a trial program.
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