The National Oceanic and Atmospheric Administration (NOAA) reports the U.S. has suffered through nine catastrophic weather events in 2011, each entailing economic losses of $1 billion or more. The NOAA estimates do not include damages from Irene, which industry experts have said could be as high as $5 billion.
Source: http://www.ncdc.noaa.gov/oa/reports/billionz.html
According to OAI, those statistics should serve as a warning to consumers looking for homeowner coverage or making an auto insurance comparison online, since only certain types of coverages protect against weather-related losses.
The NOAA announcement is the latest attempt to quantify insured losses so far for 2011, which experts say is turning out to be a particularly expensive year in terms of property damage. Along with their threat to life and limb, catastrophic weather events also imperil personal property including vehicles and homes.
OAI encourages consumers nationwide to make sure their auto policies for relatively new vehicles include comprehensive coverage, the only type of car coverage that protects against weather-related damages.
Comprehensive coverage is not legally required in any state and will cost a little extra, but it is the only way to adequately insure vehicles against flood or fire damage, according to Insurance Information Institute.
Some other recent damage estimates:
--The Insurance Council of Texas says losses from the wildfires raging across that state since Labor Day could total $250 million.
--Disaster modeling company Risk Management Solutions estimated insured losses from Irene at between $2 billion and $4.5 billion for the United States and at as much as another $1 billion for the Caribbean.
Richard L. McCathron, executive vice president of distribution for Home Value Insurance Co. in Austin, Texas, said the company spent the last two years making sure the product would meets the needs of homeowners. 'We had the decision to make as an

"We expect that some of the displaced homeowners and renters will rebuild in Bastrop, and others will move away from what promises to be a chaotic scene for some time," she said in response to an inquiry from Inman News. "Many may take insurance
Check with your insurance. Some homeowner's policies will cover foundation repair, so check with your insurance prior to signing a contract. Do your homework. Check with BBB before choosing a contractor. Get referrals, compare several price quotes,
According to OAI, those statistics should serve as a warning to consumers looking for homeowner coverage or making an auto insurance comparison online, since only certain types of coverages protect against weather-related losses.
He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center
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