Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Over the next week, super heavy showers are set to hit the Indian subcontinent, especially in the states of Tamil Nadu, Kerala, South Interior Karnataka, Konkan and Goa, Madhya Pradesh, Maharashtra, Arunachal Pradesh, and Gujarat, the IMD (<keyword id="19963725" type="General" weightage="20" keywordseo="Indian-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Meteorological Department" meta.hostid="261" meta.entityid="Indian Meteorological Department">Indian Meteorological Department</keyword>) has predicted. Yesterday, India's financial capital, Mumbai was hit by a surprise, albeit hefty deluge of rain. Consequently, a yellow alert was issued for Thane, Pune, Palghar and other areas near to Mumbai. Between October 13-16, very heavy rainfalls are also expected in Kerala, Tamil Nadu, Andaman and Nicobar Islands, Gujarat and Andhra Pradesh. It's no secret that incessant rains also bring about significant economic damages. As seen very often in the past, a constant barrage of torrential rains can also quickly create a flood-like situation, which can wipe away houses, vehicles and everything that comes in its way. Per media reports, the average economic impact on India due to <keyword id="19912527" type="General" weightage="20" keywordseo="floods" source="keywords">floods</keyword> between 2011 and 2021 has been a staggering Rs 25,805 crore. Imagine this-your entire se is flooded. Water has seeped into everything—your walls, furniture, and even the plumbing. Without a <keyword id="22058670" type="General" weightage="100" keywordseo="home-insurance" source="keywords">home insurance</keyword>, you'll have to spend a hefty amount towards repairs and to get your life and home back on track. <h2>Getting your home insured</h2>So, if you are wondering how to protect your hard earned material but immovable assets like house, the answer is right in front of you- Home Insurance. Says Dilip Baba, Head of Commercial and Speciality Underwriting, Go Digit General Insurance, "People usually spend their entire life savings on purchasing a home. However, people rarely think about how to protect their investment. By investing in the safety of home insurance, you can enjoy peace of mind knowing that your property is covered in case of unforeseen events. With home insurance, you can opt for three types of coverage-structure, content and comprehensive. While structure simply insures the physical, immovable formation of your house (walls, roofs), content coverage goes a step ahead and takes care of damage caused to your movable items like furniture, electronics and other items due to natural calamities, theft and more, up to a certain limit. This can also include any valuable artwork or antiques, or additional installation like solar panels you might have at your home. A comprehensive home insurance brings together both structure and contents in its insurance ambit. Having a home insurance can not just protect you from natural calamities like floods, but also from unforeseen events like theft, fire and more. The annual premium of a home insurance policy can range between Rs 2,000 to Rs 10,000 depending on the type and extent of coverage taken. Before buying a policy, be sure to clarify whether it offers actual cash value, which considers depreciation, or replacement/reinstatement cost, which covers the full replacement without depreciation deductions. To be on the safe side, you can also choose additional covers like accidental death insurance, or rent coverage, if you lose out on rental income due to damage caused to your property. You can use the carpet area of your house to get a sense of your home insurance requirements. Other covers you can opt for include valuable contents (on agreed value basis under home contents cover), additional living expense cover, tenant liability insurance, among others. Says Amit Bhandari, Chief Technical Officer at Magma HDI General Insurance, "When selecting a policy, it’s crucial to assess the unique risks that your home may face, particularly if you live in an area susceptible to <keyword id="19922196" type="General" weightage="20" keywordseo="natural-disasters" source="keywords">natural disasters</keyword>. You should tailor your coverage to address these risks while considering premium reduction strategies, such as excluding unnecessary coverages".

Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

<ul class="summary-list"><li>Owning a home in high-climate risk states like Florida is becoming tougher amid rising costs.</li><li>Still, owning may be preferable as renters have significantly less policy support than homeowners.</li></ul>In states at high risk of climate-related events, both homeowners and renters face difficulties in the wake of natural disasters, but there are important things to consider in each case.On the one hand, buyers are facing rising costs as insurance premiums skyrocket. Renters could bear some of that burden, too, as rental properties face rising property insurance costs that could drive up rents in the future.But when a natural disaster hits, like this week's Hurricane Milton, the stakes are different.Both renters and homebuyers face an immense loss of stability if their homes are damaged or destroyed, but homebuyers lose a huge investment.Here are key factors at play when deciding to rent or to own a home in a state where climate risks are rising and natural disasters are becoming more frequent and destructive.<h3 id="fb983509-a634-4c57-8ea5-a41d41e6da00">Both renters and buyers face rising costs</h3>The costs associated with owning a home are becoming more volatile as insurance costs rise due to climate risks."Those dynamics really play more of a role in why you're seeing weaker markets right now in places like Texas and Florida, which see more severe storms and generally different forms of climate risk, and where homeowners are seeing greater increases in insurance premiums, which doesn't affect renters as much," Redfin's head economist, Chen Zhao, told Business Insider.Average insurance premiums have increased sharply in the last few years, up 33% from 2020 to 2023, but that trend is uneven depending on a state's natural disaster risk, a <a target="_blank" href="https://www.nber.org/system/files/working_papers/w32579/w32579.pdf">June study</a> found.Even in regions in different states with similar climate risks, those in states with overall higher risks often bear a higher cost burden as insurers pay to transfer more risk to reinsurance companies.Florida, which has a reinsurance exposure of almost 40% due to high hurricane risk across the state, saw annual insurance premiums increase by about $1,000 in zip codes close to its border with Georgia, even though areas on both sides of the border are similarly at risk.Georgia, on the other hand, has less than 10% exposure to reinsurers, and its zip codes close to the border saw increases of less than $500 in the last few years.Overall, rising disaster risk will raise annual premiums for climate-exposed households in the US by $700 by 2053, the study says."The cost of owning a home also has been more volatile over time because of the rising insurance costs and the climate change impact, and also because home prices are going up so fast," Jung Hyun Choi, a researcher at the Urban Institute's Housing Finance Policy Center, told Business Insider.Still, a big advantage to owning a home is the ability to lock in housing costs."Home ownership is still one of the most important ways of building wealth in this country," Choi said, adding that not only do homeowners build equity over time, but their costs are often fixed via the 30-year mortgage, which is the most popular home loan in the US.Renters, on the other hand, are subject to unpredictable price increases year-to-year. That's especially true after climate disasters, according to <a target="_blank" href="https://onlinelibrary.wiley.com/doi/10.1111/risa.14224">one study</a> that looked at rent prices following hurricanes in US coastal states.In extreme disasters, median rents rise due to reduced housing supply. In less severe scenarios, rents may rise because building owners are trying to offset losses from property damage, or possibly take advantage of higher demand from displaced homeowners.<h3 id="ccd2411a-bab0-4107-bf3e-4c9ccc85ffbc">Policy favors homeowners</h3>While it may be tough to know whether costs for renters or buyers are more directly impacted after climate disasters, public policy is clearly skewed in favor of buyers, Choi says. She pointed to forbearance and loss mitigation policies that are meant to help buyers keep their homes.After Hurricane Katrina, 29% of homes in Louisiana were damaged, compared with 35% of rental housing units — but 62% of damaged homes and only 18% of damaged rental units received disaster recovery assistance, according to a <a target="_blank" href="https://www.gao.gov/products/gao-10-17">federal study</a>.In places where federal funding was implemented for renters after Hurricane Katrina, though, rents appreciated at a much slower rate, one <a target="_blank" href="https://www.brookings.edu/wp-content/uploads/2023/09/Disasters-and-the-Rental-Housing_final.pdf">study</a> found, pointing to the potential for future policy to address renters' vulnerability to climate events.Zhao points out, though, that renters generally have more flexibility to move and are less tied down when disasters strike."For renters, it's a different story. You don't own the financial risk of living in Florida if a hurricane comes through," Zhao said, adding, "I think that's the other thing that kind of drives a wedge between these regions and other places in the country, and also drives a wedge between homeowners and renters."Zhao acknowledges that renters still "certainly own the personal risk" of a hurricane. Renters lose their housing stability personal property the same as homeowners.Whether renting or buying is more advantageous amid climate change will be determined by policy solutions implemented in the next few years. Unfortunately, there isn't a lot of clarity yet, Choi says.She adds there's a chance that renting has the upper hand in high climate-risk areas."If we kind of leave it like this, it could be actually better to just rent because you don't really have to worry about your properties being severely damaged and you're not getting any insurance coverage," Choi said.

Here's how natural disasters are shaping the buy-versus-rent decision in vulnerable states like Florida

On September 18, 2024, the US <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> delivered a jumbo-sized surprise to the global economy. Not only did they trim their interest rates by a massive 50 basis points to bring their yields down to 5%, but also hinted at further rate cuts in the upcoming months. This move from the fed and several other central banks globally had pushed expectations high for a similar rate slash closer home, from the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> this month. But governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, in a “picture abhi baaki hai” moment, decided to hold the repo rates here steady, leaving them unchanged at 6.5% for the record 10th straight time. Although, he did tinker with the policy stand, changing it from “rate cuts are absolutely off the table” to a more accommodating “we’re okay with bringing down the rates, if needed”. This, rather neutral, stance from India’s financial custodian sparked hopes for a rate cut in December this year. However, the stubborn inflation levels in September have again dented such hopes. As consumers, you may be wondering what all the hullabaloo this is about, since it hardly makes a difference to your regular financial routine. Well, the majority of both economic growth and inflation is closely connected to this policy stance from the central bank and it does have a rather indirect effect on both our earnings and spending. But more directly, it would have clear implications for those looking to own a house. Even the slightest modification of interest rates, or the lack of it, influences the <keyword id="19916018" type="General" weightage="20" keywordseo="emi" source="keywords">EMI</keyword> you pay significantly. So, all aspiring homebuyers, is this the right time to take out a loan and buy a house? Can you expect a rate cut anytime soon, and what will that mean for your home-owning dreams? We lay it out. <h2>What’s the connection?</h2>You see, buying a house is no small feat, at least financially. The task becomes even more herculean if you are scouting for your own roof in cities like Delhi, Noida, Bangalore or Mumbai where, as Circuit from Munnabhai says, “room shuru hote hi khatam ho jata hai”. Naturally, you’ll have to take a <keyword id="6354730" type="General" weightage="100" keywordseo="home-loan" source="Orion">home loan</keyword> from the bank. Don’t be mistaken, the bank won't give you a loan that covers 100% of the value of the property you want to own. Rather, your loan amount will be equivalent to a certain percentage of the property’s total value. RBI’s guidelines on this are pretty clear: <ul><li>If your loan amount is up to Rs 30 lakh, you can get a loan worth 90% of the property’s value.</li></ul><ul><li>If the loan amount is between Rs 30 lakh and Rs 75 lakh, you are eligible for a loan worth 80% of the property’s value.</li><li>If you are taking a loan of more than Rs 75 lakh, your loan amount will be equivalent to 70% of the property’s value.</li></ul>Now assuming that you have the money, it's all about paying back the principal amount, but not without a little (read hefty) interest added on top. See, when you’re taking a home loan, you are actually signing up for a long-term, even multi-decadal financial commitment, which will unfailingly present itself to your bank accounts and finances every single month, in the form of EMIs, or equated monthly instalments). When you take a home loan, you can choose to pay the interest in two ways (talk about choices!). One is that you decide to keep a fixed rate of interest throughout the tenure of your home loan. So, if you opt for a 25-year fixed-rate home loan at the rate of 8.8% p.a., you’ll have to pay interest at this rate for the next 25 years, till your entire loan is paid off. Yes, you can go backsies and switch to a floating-rate home loan by paying a fee. Floating, as the name suggests, means that your interest rate is not set in stone. But starting October 2019, when it comes to a floating interest rate home loan, your payable interest and EMIs are directly impacted by any changes in <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword>, which were left unchanged by RBI this time around. Why are these two so chummy, you might ask. Well, home loan interest rates are a sum of two things: <ol><li>Repo Rate (the rate at which RBI lends money to banks)</li><li>Operational cost + margins</li></ol>Any plus or minus in this equation would send your home loan interests tanking, or skyrocketing. Vivek Iyer, Partner, Grant Thornton Bharat explains that any change in the repo rates impacts the cost of funds and thereby the home loan interest rates. “When the interest rates are expected to reduce, the corresponding impact will be in the form of a reduced EMI. Home loan borrowers should always try to borrow at a floating rate when interest rates are expected to reduce and at a fixed rate when the interest rates are expected to increase. This minimizes the outflow in the form of EMIs that the home loan borrowers will experience”, he continues. So, no change in repo rates means no change in your home loan interest payout and no financial relief whatsoever. A rate cut, which most experts are anticipating will start this December, would mean your EMI payments come down, and your wallet might save a little more. But there’s also a chance of an UNO reverse happening. In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Consider this. You took a floating interest rate home loan worth Rs 50 lakh in January 2022 at 8% p.a., for a period of 20 years. This brings your total monthly EMI to Rs Rs 41,822. But, as luck would (or won't) have it, RBI raised the interest rate by 250 basis points between May 2022 and February 2023, bringing it to its current status of 6.5%. Some back-of-the-envelope calculations suggest that now, your home loan interest payout will also rise by a hefty 2.5%, taking the total to 10.5%. In other words, you’ll have to dish out Rs 49,919 per month as EMI. Now, won't you heave a sigh of relief if the RBI were to bring down the interest rate by say, even 50 basis points, or 0.5%? Agreed, your EMI will come down just marginally, to Rs 48,251. But look at this over a 20-year period, and you’ll see how big the difference is. <h2>Are rates set to change anytime soon?</h2>Generally, RBI hikes the repo rates if it sees inflation spiralling out of control. Then, in a bid to reduce consumer spending, it raises interest rates to make borrowing expensive. But when the apex bank sees sluggish consumption in the economy, inflation in control and wants to boost spending, it slashes down on interest rates, making it more lucrative for people to borrow. As of now, most experts are not anticipating any changes in the interest rates anytime soon. This means home loans are not getting cheaper anytime soon. The CPI data, which came out yesterday, saw inflation rise to 5.49% in September, compared to 3.65% last month. Food and beverage prices jumped to a four-month high of 8.36% in September, as opposed to a 5.3% rise in August. So a rate cut seems a no-go at the moment! Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities explains that the RBI had probably expected a hardening of inflation and that's why it chose to hold on to the rates in the monetary policy announcement last week. “Now, it seems that RBI will take a cautious stance going ahead and will not be in a hurry into rate cuts like its global peers”, he added. In all this, one thing is clear, in the grand movie of the Indian economy, the RBI has chosen stability over drama. And just like in every good Bollywood film, we're left wondering what twist the sequel will bring. Until then, it might be “The End" for rate cuts, but the show must go on for the Indian economy!

Boom or bust — how RBI’s decision to leave rates unchanged affects homebuyers

<ul class="summary-list"><li>Jamaica can't tap into catastrophe-bond funds despite Hurricane Beryl's devastation.</li><li>That's because the air pressure level required for a payout wasn't exceeded. </li></ul>Although a category-five hurricane laid waste to Jamaica, the nation won't be able to access funds from a bond meant to cover natural disasters, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-05/catastrophe-bond-investors-dodge-losses-after-beryl-hits-jamaica">Bloomberg reported</a>.That's despite the fact that Jamaica was among the first to introduce so-called catastrophe bonds, or assets that offer traders an attractive yield for the risk of losing their money due to a natural disaster. With climate change on the rise, <a target="_blank" href="https://markets.businessinsider.com/news/bonds/hedge-fund-harvard-physics-catastrophe-bonds-extreme-weather-cimate-change-2024-3">cat bonds have grown into a hotter</a> investment.But in this case, investors in the country's $150 million asset won't have to pay a dime, the outlet said.Instead, bond holders were spared loss due to the specific terms of the investment vehicle.To pay, air pressure during the hurricane would need to have reached a defined minimum in any of the country's sub-areas, Bloomberg reported, citing an advisory sent to investors by Switzerland-based <a target="_blank" rel="noopener" class="media-ui-Link_link-tVkXhPLPofs-" href="https://www.bloomberg.com/quote/4529593Z:SW">Plenum Investments</a>. Although a powerful storm, pressure did not meet that criteria.The structure of the cat bonds was such that they paid investors 7% above the US Treasury rate. According to the <a target="_blank" href="https://www.worldbank.org/en/news/press-release/2024/04/25/world-bank-returns-to-the-cat-bond-market-providing-financial-protection-to-jamaica">World Bank</a>, the asset provides catastrophe insurance for four hurricane seasons and has brought in 15 global investors.While Jamaica has to turn inwards to cover damage costs, the country has $1.6 billion in a disaster safety net, Bloomberg said. Meanwhile, its sovereign bonds remain intact.Climate disasters are <a target="_blank" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">not always strong enough</a> to trigger cat bond payouts, an expert told Business Insider in October.In fact, despite over 20 disasters hitting the US last year, the Swiss Re Global Cat Bond Total Return Index hit its highest one-year return since in two decades, <a target="_blank" href="https://www.swissre.com/dam/jcr:bb189e59-a15f-49df-a250-07b2c6b2d9bd/2024-02-sr-ILS-market-insights-feb-2024.pdf">reaching 19.69%</a>.

Why hurricane-stricken Jamaica can't tap into $150 million of natural-disaster insurance

India has borne the cross of being the world’s diabetes capital for way too long. Now, a superhero drug that could save the country’s diabetics is on its way to India, but it could drag along with it all the chaos that usually accompanies these heroes. Amid all the fanfare around popular weight loss drug <keyword id="19918897" type="General" weightage="20" keywordseo="Ozempic" source="keywords">Ozempic</keyword> in the West, India’s Central Drug Standard Control Organisation (CDSCO) has granted approval to Eli Lilly's <keyword id="20758984" type="General" weightage="100" keywordseo="Tirzepatide" source="keywords">Tirzepatide</keyword>. Tirzepatide will make its debut in the Indian market under the brand name <keyword id="20078155" type="General" weightage="20" keywordseo="Mounjaro" source="keywords">Mounjaro</keyword> for the treatment of type 2 diabetes. Further, it is currently under review to be sold as an obesity drug under the name <keyword id="19992558" type="General" weightage="20" keywordseo="zepbound" source="keywords">Zepbound</keyword>, as well. Tirzepatide’s is a novel medication that combines the benefits of glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) receptor agonists. These properties allow Tirzepatide to mimic natural hormones responsible for regulating blood sugar levels in the body. <div type="Article" hostid="261" msid="110634839" title="Eli Lilly&amp;#39;s Wegovy rival Zepbound will help make weight-loss drug market worth $130 billion by 2030, Goldman Sachs says" mstype="2" mssubtype="0"></div> <h2>How Tirzepatide reduces your appetite </h2>The medication works by stimulating insulin release from the pancreas in response to food intake, thereby lowering blood sugar levels after meals. Additionally, it suppresses the release of glucagon, a hormone that typically raises blood sugar levels. This dual action not only helps in managing postprandial glucose spikes but also reduces glucose production by the liver. Moreover, Tirzepatide slows down stomach emptying, which moderates the rate at which glucose enters the bloodstream after eating. This comprehensive approach to diabetes management extends to curbing appetite and food intake, potentially aiding in weight loss — a benefit that has garnered attention in global markets. <h2>How affordable is Tirzepatide? </h2>The simple answer is that it’s not — at least not to the average Indian. Reports suggest that each dose of Tirzepatide will cost the consumer around Rs 20,000 per week — and the recommended dose for this drug is once a week. In a month, they will end up spending a little over Rs 80,000. In comparison, the retail price of other commonly sold <keyword id="22456472" type="General" weightage="20" keywordseo="type-2-diabetes-drug" source="Orion">type 2 diabetes drug</keyword> combinations like sitagliptin+pioglitazone+metformin hydrochloride and dapagliflozin+metformin+vildagliptin cost a few hundred rupees per month. So, it remains doubtful that the average Indian would opt for Tirzepatide to treat diabetes. The drug could, however, find a market among Indians in higher income groups that are actively looking for weight loss drugs. Ozempic has already found an illegal route into India via celebrities, wealthy locals and expatriates. It is also easily available in the gray market — so much so that diabetes patients in need of the drug are unable to get their hands on it due to the excessive demand. <div type="Article" hostid="261" msid="111022230" title="Top doctor warns against taking weight loss drugs such as Ozempic to get &amp;#39;beach body ready&amp;#39; for summer" mstype="2" mssubtype="0"></div> <h2>Side-effects of the weight loss drug </h2>Despite its effectiveness, Tirzepatide does come with potential side effects — and not just on your pockets. Commonly reported adverse effects include nausea, diarrhea, decreased appetite, vomiting, and abdominal discomfort. Serious complications such as pancreatitis, low blood sugar levels, allergic reactions, vision changes and gallbladder issues are rare but require immediate medical attention if experienced. Before starting Tirzepatide, healthcare providers are advised to educate patients on its proper use and potential risks, particularly regarding low blood sugar management. Individuals using oral contraceptives should consult their healthcare provider, as Tirzepatide may affect their efficacy. For those wanting to take the drug for weight loss, it is also being said that Tirzepatide does not guarantee that individuals retain their weight even after stopping its consumption. Continued exercise and a healthy diet are necessary to remain obesity-free. With Eli Lilly planning to launch Mounjaro in India by 2025 due to the pending completion of ongoing regulatory reviews, it remains to be seen if Tirzepatide will fly in India or not. But it will certainly give the Indian upperclass a more legal way to lose weight. <div type="Article" hostid="261" msid="109374002" title="Another perk of weight-loss drugs? Eli Lilly&amp;#39;s Zepbound may alleviate sleep apnea, too" mstype="2" mssubtype="0"></div>

Weight loss and diabetes drug Tirzepatide will cost Rs 80,000 per month in India

While headlines often dwell on the destructive power of <keyword id="6362774" type="General" weightage="100" keywordseo="earthquake" source="Orion">earthquake</keyword>s, their true human cost can be elusive. A recent study offers a fresh perspective through a new metric: the earthquake fatality load, or <keyword id="20689239" type="General" weightage="20" keywordseo="eqfl" source="keywords">EQFL</keyword>. This metric compares earthquake fatalities to a country's population, revealing how some nations bear a disproportionate burden of earthquake deaths. Surprisingly, smaller countries like Ecuador, <keyword id="19935844" type="General" weightage="20" keywordseo="lebanon" source="keywords">Lebanon</keyword>, and <keyword id="19959300" type="General" weightage="20" keywordseo="haiti" source="keywords">Haiti</keyword> topped the EQFL list, despite experiencing fewer earthquakes than larger, more earthquake-prone nations like <keyword id="19904740" type="General" weightage="20" keywordseo="japan" source="keywords">Japan</keyword> or China. The researchers suggest this disparity might be due to how even minor earthquakes can significantly impact smaller, unprepared populations. Additionally, such losses represent a larger portion of their population, making them more devastating for smaller nations. Apart from these, countries on major tectonic plate boundaries also rank high due to the occurrence of intense earthquakes in these regions. This explains Afghanistan's high EQFL ranking, as it lies in a zone where the Indian and Eurasian plates meet. Encouragingly, the study also found a global decline in EQFL over time, suggesting that advancements in building codes, disaster preparedness, and rescue efforts are mitigating the human cost of earthquakes. The global trend of urbanisation, with its typically more earthquake-resistant construction and faster emergency response in cities, could further contribute to this decline. However, challenges remain in countries like <keyword id="19894993" type="General" weightage="20" keywordseo="italy" source="keywords">Italy</keyword>, where older, vulnerable buildings are still in use. The EQFL serves as a valuable tool for understanding and addressing the human cost of earthquakes. By identifying the most vulnerable countries, it can guide targeted disaster risk reduction efforts and resource allocation.

Which countries are most affected by severe seismic activity? New earthquake metric provides fresh perspective

<ul class="summary-list"><li>Reinsurance costs, emergency backstops for insurance companies, have risen in some states by 40%. </li><li>Those costs are being passed on to homeowners in states like Florida and California.</li></ul>Earlier this year, Florida resident Danny Collins received a surprise in the mail: His monthly mortgage payment was going up $1,000.Collins' Hobe Sound home was re-zoned because of the <a href="https://www.businessinsider.com/my-mortgage-in-florida-went-up-1000-because-of-potential-flooding-2023-7">increased risk of flooding in Florida</a> and the bank holding his mortgage purchased new insurance without notifying Collins. It was a shock, and though he was able to negotiate it down, it's still costing him an extra $8,000 this year. "It was really frustrating because it's not ever talked about. These are the issues that are plaguing Florida," Collins told Insider. "Florida will be underwater soon. That's just the reality." The climate crisis is impacting the cost of homeownership nationwide, as insurance companies adjust their models based on the <a href="https://www.businessinsider.com/extreme-heat-flooding-wildfires-new-normal-abnormal-2023-7">shifting frequency and scale of natural disasters</a>. We want to hear from you: Have your homeownership costs gone up because of increasing insurance premiums due to more frequent disasters? Is your community concerned about the climate crisis' impact on affordability? Did higher insurance rates owing to past climate-related events play a role in your decision to move? Tell us how the climate crisis is affecting you and where you live. Email reporter Dan Latu at dlatu@insider.com. <h2>Homeowners left in a lurch</h2>In California, homeowner Nick told Insider that he couldn't find affordable insurance for his $100,000 cabin in the Klamath National Forest. The increasing risk of seasonal wildfires made many plans too expensive. So when the horrific McKinney fire tore through his community in 2022, Nick, who asked Insider to withhold his last name because of legal action related to the fire, wasn't prepared and lost his entire house. "We never thought the fires could be this frequent and this bad," he told Insider. Even reinsurance plans, which are essentially emergency insurance for insurance providers when disasters are too costly, have spiked 40% this year in some parts of the country, <a href="https://www.nytimes.com/2023/08/16/business/reinsurance-global-crises.html" target="_blank" rel="noopener">according to the New York Times</a>.Insurers have pointed to these reinsurance jumps as being behind their own cost-cutting decisions. When <a href="https://www.businessinsider.com/state-farm-cuts-new-home-insurance-california-citing-wildfire-risk-2023-5">State Farm announced a pullback</a> on some policies available in California, the insurance giant explained it was due in part to "a challenging reinsurance market."In Florida, Bob Stephens told Insider it feels like "living on the Titanic." Currently, the state-backed Citizens Insurance plan does not cover homes that would cost more than $1 million to rebuild, leaving Stephens' $3 million property in a lurch."You know you're going down. How are you going to stop it?" he said.

Natural disasters are making it harder for you to insure your home — and costing homeowners thousands

<ul class="summary-list"><li>Spain's eastern province of Valencia was hit hard by intense flooding last week.</li><li>The government has pledged $11 billion to help it recover, but local authorities want $34 billion.</li></ul>Spain said it will give about $11 billion to help restore Valencia after flash floods hammered the province last week — but local authorities there want three times that amount.Historic, deadly flash floods — brought about by torrential rainfall — hit the area last week, killing at least 211, regional emergency services <a target="_blank" class="" href="https://x.com/GVA112/status/1853698255730942163">said</a> on Wednesday.Spain's State Meteorological <a target="_blank" class="" href="https://www.businessinsider.com/spain-flooding-51-dead-in-valencia-region-economic-hub-2024-10">Agency</a> said last week that it was the province's most severe storm since 1987.During a press conference on Tuesday, Spanish Prime Minister Pedro Sánchez said his government had <a target="_blank" class="" href="https://x.com/sanchezcastejon/status/1853796678265938374">approved</a> $11.55 billion in loans and grants to help storm and flood victims.However, a day earlier, the province's president, Carlos Mazón, <a target="_blank" class="" href="https://x.com/carlos_mazon_/status/1853555363678728545">said</a> local authorities had asked for an initial package equivalent to about $34 billion."The measures will serve to rebuild, relaunch, and mitigate the effects" of the storm, Mazón told reporters.<div type="image" title="Satellite images of the Valencia province before and after flash floods on October 25, 2022 (left), and October 30, 2024 (right)." height="480" width="640" msid="114986283" hostid="261" sizebytes="62758"></div>On Saturday, Valencia's Chamber of Commerce <a target="_blank" class="" href="https://www.camaravalencia.com/noticias/informe-sobre-danos-provocados-por-la-dana-en-los-municipios-mas-afectados-y-consecuencias-sobre-la-actividad-economica/">estimated</a> that up to 4,500 businesses had suffered notable damage, with potentially 1,800 severely impacted.The floods affected many economic sectors, including agriculture, industry, and services, it said.Automaking remains Valencia's most <a target="_blank" href="https://www.investinspain.org/en/regions/comunidad-valenciana/industrias-destacadas?#nameRegion">important industry</a>.Cristina del Rey, the communications director for Ford Spain, told BI last week that her company's Valencia plant had not suffered direct damage from the floods but was shut on Wednesday and Thursday.According to a <a target="_blank" rel="noopener noreferrer nofollow" class="c-link c-link--focus-visible" href="https://fundacionaon.es/wp-content/uploads/2022/11/BAROMETRO-DE-CATASTROFES-2021.pdf">report</a> from the Aon Spain Foundation, a private foundation that works to prevent and assist with natural disasters, the annual cost of natural disasters in Spain between 2016 and 2021, including floods, was between $940 million and $2.5 billion.Local authorities on Sunday <a target="_blank" class="" href="https://x.com/GVA112/status/1853692672327721128/photo/1">said</a> that the heavy rains — part of a phenomenon known as "cold drops" — had caused "unprecedented" damage to infrastructure and human life.The provisional death toll put it among the most serious natural disasters in Western Europe in recent years. Widespread flooding in July 2021 killed more than 200 people in Belgium, Germany, and surrounding countries.At a <a target="_blank" class="" href="https://x.com/i/broadcasts/1ynJODVpRdXxR">press conference</a> on Tuesday, Sánchez declared Valencia a disaster area, paving the way for extra funding for local authorities.He said about 15,000 soldiers and police officers had been dispatched to the province, as well as 287 forest brigaders, around a hundred customs officers, 44 forensic physicians, and 600 specialized vehicles for pumping, cleaning, and supplying the affected areas.Sánchez added that 98% of affected households now had power, and about 25 miles of roads and 46 miles of railway tracks had been repaired."We must continue working with more resources, more coordination, and greater effort until normality returns to all the municipalities and to all the homes affected by this tragedy," he said.

You Searched For "india natural disaster cost" and got 8 results

Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

Ira Alok Puranik

Here's how natural disasters are shaping the buy-versus-rent decision in vulnerable states like Florida

Kelly Cloonan

Boom or bust — how RBI’s decision to leave rates unchanged affects homebuyers

Ira Alok Puranik

Why hurricane-stricken Jamaica can't tap into $150 million of natural-disaster insurance

Filip De Mott

Weight loss and diabetes drug Tirzepatide will cost Rs 80,000 per month in India

Ashmita Gupta

Which countries are most affected by severe seismic activity? New earthquake metric provides fresh perspective

Ankush Banerjee

Natural disasters are making it harder for you to insure your home — and costing homeowners thousands

Dan Latu

Counting the cost of Spain's hellish floods, the government pledged $11B, local officials want $34B

Thibault Spirlet

Popular Keywords

Buying Guides