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☆ A flood insurance quirk makes basements a bad place to keep your stuff
▼ + stars: | 2024-02-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The problem is: If your basement floods, your flood insurance policy likely won't cover damages to most — if any — of your belongings. What is flood insurance? To that point, 99% of U.S. counties have experienced a flood since 1998 — and more than 40% of flood insurance claims are from outside high-risk flood areas, according to FEMA. Most people who have flood insurance get it through the federal government, via FEMA's National Flood Insurance Program, experts said. Consumers concerned about flood risk and insurance coverage should consider not putting their stuff in a basement, if possible, Kochenburger said.

Persons: Johnson, Jessica Rinaldi, Peter Kochenburger, Eric Thayer, Kochenburger, NFIP, Don Griffin, it'd, Griffin, Policyholders Organizations: Boston Globe, Getty, Southern University Law Center, Insurance, FEMA, Federal Emergency Management Agency, Flood Insurance, Bloomberg, Consumers, American, Casualty Insurance Association, Census, Southern University Law Locations: Vermont, United States, U.S, Whittier , California, freezers

☆ The vast majority of California flood victims’ losses won’t be covered by insurance
▼ + stars: | 2024-02-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Story highlights Less than 1% of homes in the affected area have flood insurance LA has over 10 million residents but fewer than 15,000 flood insurance policies Federal flood insurance covers $250,000 worth of damageThe typical homeowners’ policy won’t cover loss from flood damage. That is covered by the National Flood Insurance Program, a part of the Federal Emergency Management Agency. Even some of those with flood insurance could find their policies won’t cover all of their losses. Homeowners can buy excess flood insurance coverage to match the limits of coverage on their homeowners policies, but many do not bother to do so. The NFIP estimates that more than 40% of NFIP flood insurance claims come from outside the high-risk flood zones.

Persons: Lee Organizations: New, New York CNN, National Flood Insurance, Federal Emergency Management Agency, Southern, Bureau, Fort Myers, Homeowners Locations: New York, California, Florida, Southern California, Angeles County, Lee County , Florida, Fort, United States

☆ The hidden expense that's sucking $74 billion out of the economy
▼ + stars: | 2023-11-30 | by ( Bartie Scott | ) www.businessinsider.com time to read: +14 min

They said rising costs kept the board from expanding amenities residents wanted, such as a shared composting system. jhorrocks/Getty ImagesRising price for peace of mindIn the constellation of household costs, insurance is often one of the lesser-noticed line items. But recently the rising cost of repairs and the frequency of damaging weather events have made the deal go sour. Rising insurance costs could inflict more pain on another bruised area of the economy: housing affordability. For this reason, insurance companies could decline to cover them or require costly upgrades before agreeing to a policy.

Persons: that'd, Mark Pauly, Tim Quinlan, you'll, Quinlan, it's, Francesco D'Acunto, D'Acunto, Pauly, they've, Nature, John Coletti, That's, Bartie Scott Organizations: Insurance, Research, Bank of America, Global, American, Casualty Insurance Association, University of Pennsylvania's Wharton School of Business, Insurance Information Institute, Georgetown University's McDonough School of Business, Social Security, National Flood Insurance, Business Insider's Locations: Logan, Chicago, Florida, Wells Fargo, California

‘A Beautiful Place That Has a Dragon’: Where Hurricane Risk Meets Booming GrowthThe hurricanes keep coming, and the people, too: The fastest-growing places along the Atlantic coast this century are also among the most hurricane-prone. And rising sea levels make storm surges more damaging and coastal flooding more frequent. And this booming coastal population is, by many accounts, a larger contributor to rising hurricane risks than climate change. When Gail Hart moved from Arizona to retire in Wilmington, N.C., in 2017, she hadn’t considered the hurricane risk. Still said, “where do you put 100,000 people?”The housing crunch is one of many tensions playing out between wealthy coastal communities and those who live nearby.

Persons: Matthew, Dorian, Isaias, Ian, “, ”, Kathie Dello, Gail Hart, hadn’t, ” Gail Hart, Del Webb, Hurricane Florence, Hart, “ There’s, Steven Still, Amanda Martin, North, Mr, Still, Jenny Brennan, David McIntire, McIntire, O’Leary, Ms, Water, O’Leary’s, Kevin Mishoe, Mishoe, Gina, Karen Willis Amspacher, Amspacher, “ It’s, It’s, she’s, Sharon Valentine, Hurricane Fran, Wilmington’s Del, Valentine, Leonard Bull Organizations: Hurricanes, Hurricane, First Street Foundation, Atlantic, National Flood Insurance, Southern Environmental Law Center, States, Brunswick, Myrtle, Association, Hurricane Florence, Down Locations: United States, Myrtle Beach, S.C, Wilmington, N.C, Carolinas, Florence, Carolina, Gulf, Louisiana, Florida, North Carolina’s, Kure Beach, Horry County, Brunswick County, Arizona, Tula, New Hanover County, U.S, It’s, North Carolina, Conway, Horry, Hurricane, Hurricane Florence, Bucksport, Carteret County, —, Banks, Stacy, Harkers, Fayetteville, Wilmington’s, Wilmington’s Del Webb

☆ The House is finally back — and it has 3 weeks to prevent a government shutdown and protect some Americans from losing paychecks, food benefits, and housing loans
▼ + stars: | 2023-10-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

After three weeks, the House elected Rep. Mike Johnson to serve as Speaker of the House. Johnson proposed another short-term funding measure to ensure Americans don't lose federal benefits. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementIt took three weeks for congressional Republicans to agree on a new speaker of the House. Johnson on Monday detailed how he plans to structure the House's calendar over the next year, with funding legislation near the top of the agenda.

Persons: Mike Johnson, Johnson, —, Kevin McCarthy, Joe Biden, McCarthy, Tom Vilsack, Biden Organizations: House, Service, GOP Rep, Conference, Federal Aviation Administration, National Flood Insurance, Social, Women Locations: Ukraine, Israel

Just hours before the government was set to shut down, lawmakers reached a funding deal. AdvertisementAdvertisementLawmakers in Congress miraculously managed to avoid a government shutdown, just three hours before the 12:01 a.m. deadline. AdvertisementAdvertisementNotably, the bill did not contain more funding for Ukraine, a key objection for some Republicans. The consequences of a shutdown would have been drastic for thousands of federal workers, along with Americans who rely on a range of federal programs. House Democrats said in the statement that they expect McCarthy to advance a bill to the House floor for an up-or-down vote on Ukraine funding.

Persons: —, Kevin McCarthy, Joe Biden, Marsha Blackburn, Mike Braun, Ted Cruz, Bill Hagerty, Mike Lee, Roger Marshall, Rand Paul, Eric Schmitt, JD Vance, Matt Gaetz, McCarthy, Gaetz, Andrew Bates, Biden Organizations: Service, Federal Aviation Administration, National Flood Insurance, Ukraine, Republican, Social, GOP, Democratic, House Republicans, House Democrats, Republicans Locations: Ukraine

CNN —Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters, new data shows. It’s another alarming sign for the future of America’s homeowners’ insurance market. “We’re still kind of at the forefront of the insurance industry pricing in climate risk into the real estate market,” Porter told CNN. Premiums are at risk of surging to a lesser extent in cities across the country, First Street data shows. “I know where the places are where people are dropping their insurance — it’s Florida, Louisiana, California and Colorado,” Bach told CNN.

Persons: ”, David Jones, Jeremy Porter, “, ” Porter, Hurricane Ian, Matias J, Jones, ” Jones, Amy Bach, Bach, ” Bach, Kyle Grillot, Reuters Jones, Porter, ‘ I’m, it’s Organizations: CNN, Foundation, UC Berkeley’s Center for Law, Energy, Hurricane, Miami Herald, Tribune, Service, Los, National Flood Insurance, FEMA, United, Residents, Reuters Locations: California , Florida, Louisiana, California, Matlacha , Florida, Florida, Texas, Vermont, Montpelier . Kentucky, West Virginia, Miami, Jacksonville, New Orleans, East Coast, Atlantic City , New Jersey, Virginia Beach, Norfolk , Virginia, Wilmington , North Carolina, Charleston , South Carolina, Savannah , Georgia, New York City, Phoenix, Chicago , Pittsburgh, Louisville, Cincinnati, West Coast, Riverside , California, Los Angeles, Gulf Coast, Plaquemines Parish , Louisiana, Collier County , Florida, Colorado, Wrightwood , California

The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.

Persons: you’re, ”, California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, ‘, ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, “, Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco

☆ Flood insurance swamps US government
▼ + stars: | 2023-09-11 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters Breakingviews) - The U.S. government’s flood coverage could soon find itself financially underwater. The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch. A FEMA report seen by the Associated Press estimated another 1 million fewer Americans will buy flood insurance by the end of the decade, further starving the program of much-needed funds. The program’s flood fund lost nearly $1.9 billion in fiscal 2022, up from a $236 million loss the year prior. Follow @BenWinck on XCONTEXT NEWSCongressional authorization for the U.S. National Flood Insurance Program is set to lapse on Sept. 30 if lawmakers don’t approve a new extension.

Persons: Joe Biden, Jill Biden, Evelyn Hockstein, Hurricane Lee, Lee, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Rights, Reuters, Flood Insurance, National Association of Realtors, FEMA, Associated Press, National Oceanic, Atmospheric Association, U.S, National Flood Insurance, Federal Emergency Management Agency, National Hurricane Center, Thomson Locations: Oak, Florida, U.S, United States, Singapore, East Coast

☆ Private market insured losses from Hurricane Idalia to be $3-5 bln - Moody's RMS
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

View of a damaged property after the arrival of Hurricane Idalia in Horseshoe Beach, Florida, U.S., August 31, 2023. REUTERS/Julio Cesar Chavez/File Photo Acquire Licensing RightsSept 4 (Reuters) - Private market insured losses are expected to be between $3 billion and $5 billion due to Hurricane Idalia which struck the Big Bend region of Florida last week, the catastrophe risk modeling business of Moody's said in a report on Monday. The estimates represented insured losses associated with wind, storm surge, and precipitation-induced flooding caused due to the hurricane. "Major Hurricane Idalia could have been much more impactful had the storm taken a different track or not weakened just before landfall," said Jeff Waters of Moody's RMS said. The report also said it expects around $500 million in losses to the National Flood Insurance Program (NFIP) due to the hurricane.

Persons: Julio Cesar Chavez, Moody's, Idalia, Jeff Waters, Shivansh, Ed Osmond Organizations: REUTERS, National Flood Insurance, Thomson Locations: Horseshoe Beach , Florida, U.S, Bend, Florida, Coast, Georgia, Bengaluru

CEDAR KEY, Fla. — As cleanup begins in the aftermath of Hurricane Idalia, the storm has served as a stark reminder that Florida's insurance industry remains in flux. But many of those homeowners face uncertainty amid the upheaval that has emerged in Florida's insurance industry in recent years. A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket. The state's insurance industry is preparing to lose four insurers since last year — Farmers Insurance, Bankers Insurance, Centauri Insurance and Lexington Insurance. Aggravating the problem, 82% of Floridians do not have flood insurance, which is typically operated by the National Flood Insurance Program, a federal program run by the Federal Emergency Management Agency.

Persons: Idalia, Chris Draghi, That's, Gregory Buck, Buck, Aimee Firestine, Firestine, Amy Bach, United, Bach, Mark Friedlander, Friedlander, Gabe Gutierrez, Phil McCausland, Melissa Chan Organizations: Insurance Information Institute, U.S, — Farmers Insurance, Bankers Insurance, Centauri Insurance, Lexington Insurance . Farmers Insurance, National, Experts Insurance, Homeowners, Insurance, Property Insurance Corp, National Flood Insurance, Federal Emergency Management Agency, Congress, First Street Foundation, FEMA, Cedar Key Locations: Fla, Florida's Big Bend, Florida, Georgia, Florida , Georgia, South Carolina, Cedar, America, Taylor County, Bend, New York City

☆ The looming crisis that's going to crush homeowners from coast to coast
▼ + stars: | 2023-08-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +16 min

To maintain profitability, insurance companies have to take in more in monthly premium payments from customers than they pay out in damage claims. This has prompted insurance companies to back out of certain markets or pressure states to raise caps on premiums. Without robust rate caps such as those in California, insurance costs have risen by over 200% while DeSantis has been in office. He also signed legislation in December that protects insurance companies from liability claims and disincentivizes homeowners from filing claims to begin with. Despite these policies, insurance prices have continued to go up and insurers have continued to flee the market.

Persons: Cinda Larimer, Larimer's, Larimer, Anthony Roach, Larimer's who's, I've, Roach, Chubb, Justin Sullivan, Benjamin Keys, Anita Waters, Waters, Ron DeSantis, DeSantis, Desantis, Hurricane Ian, Dale, Deb Weideling, they've, Keys, Philip Mulder, Jeffrey Greenberg, Jeff Goodell, Xavier Cortada, I'm, Cortada, we're, Betsy, Cinda Larimer wasn't, , haven't, Taylor Dorrell Organizations: Navy, Insurance, Rush, Allstate, American International Group, University of Pennsylvania's Wharton School, US Army Corps of Engineers, . Farmers Insurance, AAA, Washington Post, National Bureau of Economic Research, US Treasury, Universal, Getty, Miami, Dakotas, Nationwide, Penn, National Flood Insurance, FAIR, Bay Area Locations: Paradise , California, Paradise, Sacramento, California, , California, . State, Florida, South Carolina, South Florida, Fort Myers Beach, Hurricane, In Miami, States, Louisiana , Oregon, Colorado, Hawaii, Coast, Minnesota, Midwest, Bay, Columbus , Ohio

☆ What is flood insurance, and why do you need it?
▼ + stars: | 2023-07-12 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +7 min

But only four property owners in the entire town have active flood insurance policies. In the United States, FEMA has traditionally provided all flood insurance plans through the National Flood Insurance Program (NFIP). According to the Insurance Information Institute, an industry trade group, Florida, Louisiana and Texas account for 40% of all flood insurance policies nationwide. The origin of this exclusion can be traced to the 1968 National Flood Insurance Act, which established the NFIP. For example, in Miami, flood insurance can sometimes rival the amount that people pay for homeowners insurance, according to the Insurance Information Institute.

Persons: Kathy Hochul, ”, David Maurstad, it’s, Laura Lightbody, John Minchillo, Michael Barry, Barry, ’ ”, Lightbody, ” Lightbody, it’ll Organizations: CNN, Gov, Federal Emergency Management Agency, FEMA, National Flood Insurance, Flood, Insurance Information Institute, Pew, Trusts, Insurance, Institute’s, Flood Insurance Locations: Highlands , New York, ”, West, United States, America, Miami, Florida , Louisiana, Texas, Highland Falls, N.Y, New, Hudson

Farmers insurance has confirmed it is pausing new homeowners policies in Florida. If you need home insurance in Florida, compare quotes and ensure you have enough disaster coverage. Compare homeowners insurance quotes with Policygenius »Get the latest tips you need to manage your money — delivered to you biweekly. Flood insurance, for example, is not included in a standard homeowners insurance policy because it's not required for people who don't live in a high-risk area. While you can get flood insurance through a private company, it's also available through FEMA via the National Flood Insurance Program.

Persons: —, Luis Sahagun, it's Organizations: Farmers, Service, Insurance, Farm, Allstate, Policygenius Companies, FEMA, National Flood Insurance Locations: Florida, California

☆ Florida’s homeowner insurance rates are four times the national average. That’s not getting better anytime soon
▼ + stars: | 2023-06-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

But no matter how many storms hit Florida this year, the state’s residents are already struggling as they try to get homeowners’ insurance. But in Florida, State Farm has about 7% of the market, according to the Insurance Information Institute, an industry trade group. Just more than half of insurers based in Florida are on the state insurance regulator’s watch list due to their financial health. Homeowners in the state pay private insurers about $6,000 a year, compared to a national average of $1,700. But wind damage to homes and roofs are covered under homeowners’ insurance policies.

Persons: ”, Mark Friedlander, hasn’t, Friedlander, It’s, Hurricane Ian, Harvey, “ We’ve, shortchanging policyholders, Stephen Cain, “, Matthew Carletti, “ They’ve, ” Carletti, There’s Organizations: New, New York CNN — Hurricane, State, Insurance Information Institute, Homeowners, Atlantic, National Oceanic, Atmospheric Administration, Hurricane, NOAA, National Flood Insurance, Insurance, Property Insurance Corp, Citizens Property Insurance Corp, Citizens, Dade, JMP Securities Locations: New York, Florida, South Florida, Miami, Broward, Monroe County, South, Atlantic Coast

☆ Larry Fink: BlackRock is not the 'environmental police'
▼ + stars: | 2023-03-15 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

Laurence "Larry" Fink, chairman and chief executive officer of BlackRock Inc., pauses as he speaks during the BlackRock Asia Media Forum in Hong Kong, China. Justin Chin | Bloomberg | Getty ImagesAsset managers like BlackRock are not "the environmental police," Larry Fink said in his annual chairman's letter to investors, which was published on Wednesday. In fact, it's hard to find a part of our ecology – or our economy – that's not affected," Fink wrote. Blackrock has customers who want to invest in the energy transition and others who do not, Fink said, and Blackrock serves both types. BlackRock is investing in natural gas pipelines, with efforts made to mitigate methane emissions from those natural gas pipelines, Fink said.

Flood insurance is expensive because flood recovery costs are expensiveOn average, most homes' flood insurance premiums fall between $700 and $800 annually for flood insurance. "It provides insurance through the National Flood Insurance Program, a partnership between private insurers and the federal government," says Evan W. Walker, an attorney who regularly litigates flood insurance issues. However, a condo association's master insurance policy (the insurance covering the whole building) includes flood insurance. The NFIP might lower your flood insurance premiumsLight may be on the horizon if you've paid expensive flood insurance for your dream home. The National Flood Insurance Program is using a new way of calculating flood insurance costs as of 2021.

☆ How Hurricane Sandy transformed the Jersey Shore into 'a playground for the rich'
▼ + stars: | 2022-11-09 | by ( Zoe Rosenberg | Dan Latu | ) www.businessinsider.com time to read: +17 min

Jersey Shore residents battled through a patchwork of programs to rebuild after Hurricane Sandy. Even 10 years after Hurricane Sandy, Barbara is still reminded daily of the mental and financial toll it took on her. Courtesy of BarbaraThe bureaucratic red tape around flood insurance and rebuild programs linked to Hurricane Sandy deepened the divide between the haves and have-nots of the Jersey Shore. Milliman, an actuarial company that works with FEMA's National Flood Insurance Program, found that about 47% of coastal dwellers had flood insurance, The Inquirer reported. "After Sandy, there was a lot more money coming in," Mery, who has built Jersey Shore homes for 15 years, told Insider.

☆ Real-estate investors rush to score deep discounts on Florida properties hammered by Hurricane Ian: 'If they were asking $1 million before the storm, I'll offer $750,000'
▼ + stars: | 2022-10-20 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Real-estate investors are trying to take advantage of the down market by buying properties for less. They seem undeterred by high insurance costs, possibly falling home values, and ever-worse storms. The real-estate market in Florida just doesn't stop. "If they were asking $1 million before the storm, I'll offer $750,000," Lema told The Wall Street Journal. Photo by Ricardo Arduengo/AFP via Getty ImagesStill, it seems many buyers are undeterred by or unaware of insurance costs, future home-value depreciation, and the risk of ever-stronger hurricanes and rising sea levels.

While going through a costly divorce earlier this year, Cavanaugh's flood insurance coverage lapsed. Many people in the small coastal community, which faces the Gulf of Mexico southwest of Fort Myers, did not have flood insurance coverage. It appears that, despite an increased occurrence of devastating flood events, a declining percentage of people nationwide have flood insurance policies. Chuck Larsen / SantivaChronicle.com via APOne significant issue is that many homeowners assume a typical homeowner's insurance policy covers floods. The average cost of flood insurance from the National Flood Insurance Program is $995 a year, according to Forbes Advisor analysis.

☆ Beware, Florida homeowners. The worst is yet to come.
▼ + stars: | 2022-10-06 | by ( Dan Latu | James Rodriguez | ) www.businessinsider.com time to read: +10 min

They were paying $750 a month for the lot in a mobile-home park and couldn't fathom paying $7,200 a year for homeowners insurance, let alone additional protections for floods. (Flood insurance costs an average of more than $600 a year in Florida and can stretch even higher in high-risk areas.) But just 57% of those homes are covered by flood insurance, a Bank of America analysis of data from CoreLogic and the National Flood Insurance Program found. Some owners may not even know that they need a separate insurance policy for flooding, assuming it's covered by their homeowners insurance. Roughly a dozen firms that provide homeowners insurance in Florida have gone under in the past two years, The Washington Post reported.

☆ Damages in Florida from Hurricane Ian could total $47 billion. Here's how to protect your personal finances from natural disasters
▼ + stars: | 2022-10-03 | by ( Stephanie Dhue Sharon Epperson | Stephanie Dhue | Sharon Epperson | ) www.cnbc.com time to read: +1 min

Prepare for insurance claimsIf you're going to file an insurance claim, inventory the damage before you start cleaning up. Keep a written record of the name of everyone you talk to about your claim, including the date of the conversation and summary of what was said. Coverage for floods requires a separate policy, either from the federally based National Flood Insurance Program or a private insurer. There is a 30-day waiting period before flood coverage is effective. Flood insurance for autos is an option under the comprehensive portion of a policy.

☆ 'Big Short' analyst says Florida home values could drop as much as 50% in some areas when markets factor in flood and storm costs from disasters like Hurricane Ian
▼ + stars: | 2022-10-01 | by ( James Rodriguez | ) www.businessinsider.com time to read: +4 min

Floridians aren't paying enough for flood insurance, according to an analysis by DeltaTerra Capital. Home prices in some parts could fall by 50% when buyers realize the true costs of flood protection. Hurricane Ian left a trail of destruction across Florida, but the state's housing market has yet to feel the brunt of its impact. That's because flood insurance is poised to get much more expensive in high-risk areas as a result of Risk Rating 2.0 , the Federal Emergency Management Agency's updated method of pricing flooding risk for insurance policies held through the National Flood Insurance Program. It's not just a matter of how hurricane damage will affect a regional market, Burt said.

Tens of thousands of people are scrambling for homeowners insurance in Louisiana at the peak of hurricane season after recent storms drove their carriers out of business. Massive claims from those storms drove large national insurance companies to scale back their coverage and remaining companies to jack up rates. The strategy seemed to work: Rates eventually stabilized, although Louisiana remained one of the most expensive states for homeowners insurance. That pushed the small insurance companies to their financial limits and squeezed reinsurers, who raised their rates. The state insurer’s rolls, which totaled 34,500 in August 2020, ballooned to about 110,000 last week.

Your HOA's master policy will cover some water damages, but you may be responsible for other water damages depending on the situation. Does condo insurance cover water damages? So you'll need condo insurance if you live in a condo or co-op, also known as HO-6. Flooding: Like a homeowners insurance policy, condo insurance does not cover water damages due to flooding. Like a homeowners insurance policy, condo insurance does not cover water damages due to flooding.

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