Insurers sometimes add restrictive provisions to fire coverage for homeowners, such as limits on payments for smoke and ash damage or coverage caps, to constrain payouts, making it critical that consumers read their policies carefully. "[T]he insurance industry will pay legitimate claims," said PCI's Mark Sektnan.
Debt held by US households increased to a record $13.51 trillion in the third quarter, according to the Federal Reserve Bank of New York. The amount is 21% more than the total in Q3 of 2008, during the financial crisis.
Millennials hope to retire at age 56 on average, but they think they'll be able to save only about half of what they need for retirement, finds a Provision Living survey. Fifty-three percent of millennial respondents expect to work a part-time job after they retire.
Recent stock-market volatility is causing concern among some older workers and retirees, who experienced the 2008 stock market crash and worry what a similar event would do to their retirement savings. However, Paul Kelash of Allianz Life Insurance says he has not seen evidence of people making significant changes to their retirement plans.
Teams continue to sift through charred homes in Paradise, Calif., looking for the 993 people missing in the Camp Fire, as the death toll has risen to 77. The Camp Fire burned through more than 13,600 homes and is 65% contained, while the Woolsey Fire in Southern California is 91% contained and has killed three.
A National Transportation Safety Board report said the cause of a string of natural gas explosions in Merrimack Valley, Mass., in September that killed one person and destroyed five homes was caused, at least in part, by a procedural omission by an engineer that led to lines becoming overpressurized. The report said a thorough review of plans to replace a main and approval by a registered professional engineer could have helped prevent the blasts.
The California Department of Motor Vehicles declined to release the names of companies insuring Waymo's 39 Chrysler Pacifica minivans it is testing without backup drivers in the Bay Area. Waymo is required to report collisions and to submit information annually about the number of times the autonomous-driving system disengaged.
Cities around the US are impounding scooters from Bird Rides, claiming the company did not get permission to set up business locally and citing a lack of regulation. "We believe we share those cities' goals of improving mobility for residents and visitors, and we've been hoping to have productive conversations with leaders and officials in order to reach an agreement that works for everyone," Bird said in a statement.
A winter storm took much of the Northeast and Mid-Atlantic by surprise late last week, as snowfall counts exceeded predictions. There were 8,000 flight delays and more than 1,900 cancellations, while some commuters spent the night in their cars due to traffic.
Insured losses from the Camp Fire and Woolsey Fire are estimated at $9 billion to $13 billion, according to Risk Management Solutions. The Camp Fire completely destroyed the town of Paradise, Calif., making it the state's most destructive fire recorded to date.