Wed, May 27th 2009, 12:52
2005 was a devastating year for hurricanes along the American coast. Hurricane Katrina struck on 29 August, leaving a trail of destruction in its wake. This meant significant losses for insurers and property owners alike.
The destruction caused by Hurricane Katrina and the rest of the hurricane season was widespread. The cost of loss to property and livelihood from the hurricane ran to some $144 billion. $49 billion was insured and the rest of the losses were suffered by individuals not covered by insurance.
The trouble with hurricane damage is that it comes in many forms. Many victims of the hurricanes found that the full scale of losses they suffered were not covered by any single insurance policy. People found that their hurricane insurance did not cover them for flood damage as a result of the storms. Many policies cover wind damage but peripherary damages are not deemed to be a direct result of wind damage. Losses due to fire or vandalism would be covered by separate insurance policies.
The cost to the insurance industry of Hurricane Katrina and the 2005 hurricane season ran to $60 billion, more than double the payouts that had been required in the previous year. With the increasing effects of climate change being evident, this upward trend of risk has meant that insurers have re-assessed how they quantify risks undertaken in their insurance products.
In recent years many people living in high storm risk areas have found that their insurers were not prepared to renew existing storm damage insurance policies. Many coastal areas stretching from Texas to New York have been affected by the exclusion of high risk zones and owners of coastal properties are finding it harder and harder to find sufficient insurance cover.
Featured Businesses
Buena Vista University
Located in Storm Lake, Buena Vista County, Iowa, United States
Buena Vista University in Storm Lake, USA offer exceptional classroom and experiential learning opportunities for students to prepare them for lifelong success through transformational academic, professional and co-curricular programs. READ MORE
BozWellz Pub and Eaterie
Located in Storm Lake, Buena Vista County, Iowa, United States
The BozWellz Pub and Eaterie in Storm Lake, Iowa is the place to go for the best hand cut steaks, aged to perfection and succulently prepared from the fillet to the ribeye and top sirloin, served fresh off the grill. There are exquisite homemade pasta choices, a large selection of seafood, and the super sized pork tenderloin is not to be missed, and so many more delicious menu items rounded with mouthwatering desserts including their legendary cheesecakes. BozWellz Pub and Eaterie also offers catering and a menu specially designed within your budget buffet style or formal serve, it's all here for your celebrations and a memorable dining experience. READ MOREJoyce's Greenery
Located in Storm Lake, Buena Vista County, Iowa, United States
Joyce's Greenery in Storm Lake, Iowa has a garden center and greenhouse and offers a large selection of flowers and vegetables, in fact the largest in Northwest Iowa. This family run and operated concern has been has been serving the community for over 31 years, and are a full service garden center with annuals, perennials, patio pots, garden baskets, pre-planted memorial containers, onion sets and seed potatoes, garden seed and nursery stock. Joyce's Greenery also have Ornamental Concrete Stepping Stones and Statues
as well as Lawn and Garden Care Products, come visit today.READ MOREPremier Insurance
Located in Cape Coral, Lee County, Florida, United States
Premier Insurance in Cape Coral, Florida offers experience you can trust where your success is their priority. They offer innovative solutions, advisors with integrity and the ability to solve problems, here they offer you the best because you deserve it.READ MOREMoorhouse Insurance
Located in Caerphilly, Glamorgan, Wales, United Kingdom
Moorhouse Insurance in Caerphilly offers 20 years of experience in the insurance industry and is the first choice for business insurance, and their products are suitable for all kinds of businesses, as well as liability and vehicle insurance, get yourself covered by the best today. READ MOREAlpha Marine Systems2008-12-05
Located in Topsham, Devon, England, United Kingdom
Alpha Marine Systems in Topsham offers surveys on pre-purchasing conditions of yachts as well as Insurance surveys, Damage surveys, specific equipment surveys and much more advice.READ MORESchooner Travel Ltd.
Located in Parksville, Vancouver Island, British Columbia, Canada
Schooner Travel Ltd. specializes in the full range of corporate and leisure travel products and destinations, including cruise vacations, sun packages, air and rail tickets, motorcoach tours, travel insurance, and much more.READ MORE
Hurricane Katrina and Coastal Insurance reviews
Login to comment