Jean Eaglesham
speaker
123 appearances
2 recordings
1 series
first heard Jul 2018
last heard Oct 2024
Jean Eaglesham’s voice in public audio — every appearance, attributed to the second.
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Appearances
We've seen with previous big hurricanes, a lot of litigation, a lot of disputes from homeowners claims.
And the indications from the early claims that have been decided on Helene is that a lot are getting close to that payment.
So that means, unfortunately, people are walking away empty handed.
Well, one big reason is perils that are excluded.
So the typical homeowner's policy won't cover a lot of flooding damage.
Another thing is that in recent years, we've seen home insurers restrict the coverage they get.
That's in response to sort of high losses they've had from natural catastrophes.
So you're seeing things like much higher deductibles, which is the first
percentage of losses from wind claims that you have to pay.
So areas where we're seeing changes are things like for roof damage and a lot of switch now from giving you the replacement cost of the roof to giving you the cash value.
That can be a big difference.
We're also seeing things like
limitations on the total amount of interior water damage.
We're seeing higher deductibles for certain types of wind damage.
So the first percentage you have to pay of a claim might save increase from 2% to 5%, or even higher, even 10% in some of these very vulnerable areas.
Over the last sort of three or four years, insurance companies have suffered consistently quite high losses on their home insurance.
That's due to a combination of increased losses from extreme weather like hurricanes, but also high inflation, more people living in these vulnerable areas.
So the insurance responded to those losses by in some cases pulling coverage altogether, but also more generally on policies by limiting and restricting the coverage they offer.
Typical homeowner's insurance policy unfortunately doesn't cover flooding.
It doesn't cover what they call water damage from the ground up.
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