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☆ Maui fire losses could rise to $10 billion: Steps to take to recover financially after a natural disaster
▼ + stars: | 2023-08-15 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +1 min

The extent of the losses in life and property in Maui are still unknown. The economic loss of the Maui fires could total as much as $10 billion, according to AccuWeather. As residents start to pick up the pieces, many of them may be wondering what crucial steps they need to take to recover financially. After ensuring loved ones are safe, many victims of these wildfires may not be sure where to turn to start to rebuild their financial lives. Also, contact your auto insurer and, if you own a small business, your business property insurance company.

Persons: Michael Barry Organizations: Pacific Disaster Center, Federal Emergency Management Agency, Finance, Hurricane Iniki, Insurance, Institute Locations: Maui, Hawaii

☆ 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

☆ Some auto insurers are refusing to cover some Hyundai and Kia models
▼ + stars: | 2023-01-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Progressive and State Farm, two of America’s largest auto insurers, are refusing to write policies in certain cities for some older Hyundai and Kia models that have been deemed too easy to steal, according to one of the insurance companies and media reports. The insurance companies did not tell CNN which cities or states were involved. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia and various Hyundai and Kia models share much of their engineering. Engine immobilizers are now standard on all Kia vehicles, according to a statement by the automaker and the company says it has been developing and testing security software for vehicles not originally equipped with an immobilize. Hyundai said it is providing free steering wheel locks to some police departments around the country to give local residents who have easily stolen Hyundai models.

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.

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