We have been introduced to new weather words
- Atmospheric river
- Bomb cyclone
- Flash drought
- Polar vortex
- Ice Storm
- Downburst, macroburst, and microburst
“The jet stream — the river of air that moves weather from west to east on a rollercoaster-like path — has just been stuck.”
The weather in the PNW was stuck with an Atmospheric River that dumped for what felt like months, wreaking havoc and causing major flooding in WA and BC. Then came the snow and extreme cold, then more flooding. Towns in Kentucky were torn apart by a tornado. Wildfires burned throughout most of California. In December, whole neighborhoods were destroyed in a wildfire in Colorado ending the year in devastating loss. In January, of this year, Florida experienced a tornado and temperatures so cold that iguanas fell from the trees.
The weather has been more than wacky…it has been devastating.
Wacky weather is not a good thing when it comes to insurance rates.
With extreme weather comes higher risks for insurance companies and more claims from the insured, which means higher premiums.
It is not just the weather causing the rise in insurance premiums. Insurance companies have seen an increase in construction costs. In some areas, insurance companies are heavily investing to rebuild whole communities. These investments raise premiums.
The rise in insurance premiums affects everyone, not just those who file claims. Auto insurance is on the rise, partially from the cause of damage from weather. Renters are affected due to the insurance increase for landlords. Business insurance will go up due to the loss of businesses in an area. Everyone may eventually pay for all of this loss, some will see major increases, but many will see only a small difference.
Devastation from tornadoes that slammed parts of the United States this month will push the insurance industry’s 2021 bill for weather-related claims well above the predicted $105 billion, industry experts said, and premiums should rise on worries that climate change will drive more severe weather.
As a multi-carrier agencies, Scott Richards Insurance & Anacortes Marine Insurance are always looking for the best rate to fit your situation. It is important to let us know about significant changes regarding who is driving and how much, and if you have completed updates to your home or other property that we have insured for you.