Tag: Insurance

Why Restricting Flood Insurance Can Disincentivize Building in Flood Zones

Why Restricting Flood Insurance Can Disincentivize Building in Flood Zones

Why Restricting Flood Insurance Can Disincentivize Building in Flood Zones

08/19/23

“Why can restricting flood insurance disincentivize building in flood zones?”

Flood insurance provides people in flood zones the ability to recuperate from their loss when a flood comes. However, this also means that people may feel comfortable building in zones that are destined to flood over and over again, leading to mass financial loss if the public has to pay for their reconstruction. Blocking flood insurance in these extra-risky areas can dissuade many people from living in such regions. This is Why Restricting Flood Insurance Can Disincentivize Building in Flood Zones.

Why Flood Insurance Should be Subsidized for Lower-Income Households

Why Flood Insurance Should be Subsidized for Lower-Income Households

Why Flood Insurance Should be Subsidized for Lower-Income Households

11/13/21

“Why should flood insurance be subsidized for lower-income households?”

Flood insurance can be very expensive and may become burdensome for lower-income households. However, this can be remedied by providing subsidies for lower-income families. This is Why Flood Insurance Should be Subsidized for Lower-Income Households.

Flood Insurance Rate Maps

Flood Insurance Rate Maps

Flood Insurance Rate Maps

07/21/21

“How can we visualize flood insurance rates?”

Flood risks vary across geographic areas due to a multitude of factors. Resultantly, flood insurance rates will also vary according to quantified risk. This is why Flood Insurance Rate Maps are so important.

Image credit planning.smcgov.org

Why Housing Built on a Steep Slope Have Higher Insurance Premiums

Why Housing Built on a Steep Slope Have Higher Insurance Premiums

Why Housing Built on a Steep Slope Have Higher Insurance Premiums

04/21/21

“Why does housing built on a steep slope have higher insurance premiums?”

Structures built on slopes are more vulnerable to mudslides, unstable foundations, and difficulty of maintenance. For this reason, insurance companies deem them to be extra risky and charge higher rates. This is Why Housing Built on a Steep Slope Have Higher Insurance Premiums.

The U.S National Flood Insurance Program

The U.S National Flood Insurance Program

The U.S National Flood Insurance Program

04/12/21

“How is flood insurance handled in the U.S on the national level?”

Having property in the flood zone is inherently risky. At any given moment one can have their entire livelihoods destroyed by a surge of water. To mitigate this risk, insurance can be taken out. Sensing that some people may be left out of the private market due to financial circumstances, The congress of the United States created The U.S National Flood Insurance Program in 1968 to alleviate this. The program stipulates that communities that inhabit the 100-year floodplain are not only required to have insurance for their property but be able to access insurance to protect their assets. The U.S National Flood Insurance Program has caused a revolution in disaster work in the U.S and its consequences are manifold.

Climate Reinsurance

Climate Reinsurance

Climate Reinsurance

11/07/20

“How can climate insurance organizations insulate themselves from extreme risk by purchasing insurance from other organizations?”

Climate insurance markets are extremely risky. One great hurricane or wildfire event may wipe out so many assets that the insurance company that backed them will become insolvent. To prevent this from occurring, these climate insurance organizations can purchase insurance from other companies in what’s called Climate Reinsurance. This will insulate them from extreme risks and allow them to continue operating.

Wildfire Insurance

Wildfire Insurance

Wildfire Insurance

10/11/20

“How can we have financial insurance for wildfires?”

Wildfires are one of the most destructive disasters in some territories. And sometimes they’re so common that there is even a fire season associated with the geography! This has led to some companies beginning to offer Wildfire Insurance, allowing customers to purchase protection against future disasters. With this, individuals can keep a sound mind about their materials and livelihoods.

Agricultural Climate Insurance

Agricultural Climate Insurance

Agricultural Climate Insurance

09/02/20

“Why will agriculturalists need to take out insurance against climate change?”

Agriculture is one of the industries that are most dependent on environmental conditions. And as the climate becomes destabilized, the risks become more and more dangerous for agriculturalists. For this reason, people working in this industry should seriously consider taking out Agricultural Climate Insurance to prevent against serious losses.

Why Climate Change Will Cause Home Insurance Prices To Go Up For Many

Why Climate Change Will Cause Home Insurance Prices To Go Up For Many

Why Climate Change Will Cause Home Insurance Prices To Go Up For Many

09/01/20

“Why will Climate Change cause home insurance prices to go up for many?”

Home insurance takes into account the local area’s liability to disaster. With the advent of Climate Change, environmental hazards are becoming more volatile, even in zones that were once thought immune. Neighborhoods that are affected are seeing their insurance costs rise as a result of this newfound vulnerability. This is Why Climate Change Will Cause Home Insurance Prices To Go Up For Many.