Happy Wednesday! In this week's Big I Buzz: FEMA will allow monthly payments for flood insurance under new NFIP update. Plus: St. Pete to spend millions on stadium after reducing insurance coverage.

FEMA Allows Monthly Payments for Flood Insurance Under New NFIP Update

FEMA has updated the National Flood Insurance Program (NFIP) to allow monthly premium payments, improving affordability and helping retain policyholders. This change follows legislative directives dating back to 2012 and aims to provide more financial flexibility for policyholders. Monthly payments may reduce the financial strain of lump-sum payments and encourage more consistent engagement with flood insurance. FEMA hopes that this option will also help policyholders stay informed about flood risks. Read more here.

St. Pete to Spend Millions on Stadium After Reducing Insurance Coverage This Year

St. Petersburg officials may be rethinking recent insurance changes after Hurricane Milton severely damaged Tropicana Field’s roof. Earlier this year, the city reduced the stadium’s policy limits from $100 million to $25 million, paired with a $22 million deductible, saving around $275,000 in premiums. Now, with substantial damage to the home of the Tampa Bay Rays, the city’s cost-cutting measures may prove costly in recovery. Read more here.

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Happy Wednesday! In this week's Big I Buzz: claims from Hurricane Milton continue to rise. Plus, the problem with prolonged power outages.

Claims from Hurricane Milton Continue to Rise in Florida

Nearly two weeks after Hurricane Milton struck near Sarasota, claims and loss totals are still climbing. As of October 21, the Florida Office of Insurance Regulation reported over 221,582 claims, with estimated insured losses surpassing $2.7 billion. While significant, these figures are still far below the devastation caused by Hurricane Ian in 2022, where losses exceeded $21.3 billion. Citizens Property Insurance Corp., Florida's largest state-backed insurer, is expected to handle the bulk of the claims, having already reported 41,402 claims as of October 21. Read more here.

The Problem with Prolonged Power Outages

In 2023, nearly a quarter of U.S. households experienced a power outage, with many lasting six hours or more, according to the U.S. Census Bureau's American Housing Survey. These prolonged outages can lead to significant disruptions and financial losses, especially for households with medical devices or individuals with disabilities. Homeowners were more affected than renters, and rural areas saw more outages than urban regions. For those experiencing an outage, it is recommended to follow protocols such as keeping freezers and refrigerators closed and using generators safely. Read more here.

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Happy Wednesday! In this week's Big I Buzz: is your homeowners insurance enough to rebuild your house? Plus, Helene is now ranked among the costliest U.S. hurricanes.

You Have Homeowners Insurance. Is It Enough to Rebuild Your House?

The devastating property damage from Hurricane Helene is casting a spotlight on the question of whether one’s homeowners insurance policy would provide sufficient funds to rebuild after a fire or hurricane. A 2022 survey conducted by the American Property Casualty Insurance Association found that a majority of insured homeowners had not taken steps to ensure their coverage was keeping pace with inflation and increased building costs. According to the survey, only 30% of insured homeowners had increased their coverage to compensate for rising building costs, and less than half updated their insurance after completing renovations or a remodel. Considering that the costs of construction materials and labor increased by 40% and 16%, respectively, between 2019 and 2023, a lot of homeowners are currently underinsured. Read more here.

Helene Now Among Costliest U.S. Hurricanes

Helene is now among the 10 most expensive U.S. hurricanes in history, ahead of Ike and Andrew and behind Katrina, Harvey, Ian, Maria, Ida, Sandy and Irma. Formed on Sept. 24, 2024, the storm inflicted damage across the Southern U.S. and parts of Mexico and Caribbean before dissipating five days later. Hard-hit areas continue to struggle to restore normalcy, and power has not yet been restored to millions of people in North Carolina, South Carolina, and Georgia. The damage estimate is now between $30.5 billion and $47.5 billion, representing losses from wind and flood damage related to the storm,  with between $10.5 billion and $17.5 billion being insured losses. Read more here.

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz: new data shows 1 in 8 U.S. homeowners aren't protected by homeowners insurance. Plus, discover how embracing Gen Z can boost your workplace potential.

1 in 8 U.S. Homeowners Aren’t Protected by Homeowners Insurance

New data shows that 1 in 8 U.S. homeowners are without homeowners insurance, leaving many exposed to significant financial risks. The lack of coverage is especially common in rural areas and states with higher poverty rates, where economic challenges can make insurance less accessible. This is particularly concerning for regions vulnerable to natural disasters, like floods and wildfires, where the financial consequences of being uninsured can be devastating. With disaster risks on the rise, addressing this gap is crucial to helping homeowners protect their properties and financial futures. Encouraging greater awareness and accessibility to insurance could help close this critical coverage gap. Read the interview here.

Gen Z in the workplace: Shift mindsets to embrace maximizing potential

As Gen Z enters the workforce in growing numbers, it’s essential for businesses to shift their mindsets and embrace this generation’s unique strengths. From their tech-savviness to their desire for flexibility and inclusivity, Gen Z brings fresh perspectives that can drive innovation and collaboration. However, fostering an environment where they can thrive requires understanding their values and adapting leadership styles. Learn how to unlock the full potential of Gen Z and create a more dynamic workplace. Read more here.

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz, a look at the cost of climate disasters so far in 2024. Plus, New York City's biggest taxi insurer is insolvent.

U.S. logs 19 billion-dollar climate disasters so far in 2024

As of the first week of August 2024, the U.S. experienced 19 weather or climate events with losses that exceeded $1 billion, according to the National Oceanic and Atmospheric Association (NOAA). Researchers with NOAA’s National Centers for Environmental Information reported 15 severe storm events, 1 tropical cyclone, 1 wildfire, and 2 winter storm events. The agency's year-over-year "Scorekeeper" aims to examine climate events from a historical perspective, a practice NOAA has followed since 1980. Between 2019 and 2023, the U.S. experienced 102 billion-dollar weather and catastrophe events, NOAA reports. Read more here.

New York City's Biggest Taxi Insurer is Insolvent, Risking Transit Meltdown

New York City's largest taxi insurer, American Transit Insurance Co. (ATIC), is insolvent, posting over $700 million in net losses in the second quarter of 2024. ATIC insures 60% of the city's taxis and rideshare vehicles, and its potential collapse could leave tens of thousands of drivers uninsured, destabilizing the transit system. The company has faced long-standing financial issues, exacerbated by rising claim sizes and underpriced premiums. Regulators may need to intervene, potentially placing the company into receivership or liquidation. Read more here.

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.