News related to "Tariffs"

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2 10, 2018

Will President Trump’s Tariffs Impact Insurance Claims?

By |2018-10-02T16:22:04-04:00October 2nd, 2018|Categories: Fire Damage Law, Hurricane Damage Law, Insurance Claims, Tree Damage Law|Tags: , |

The news outlets have been covering the various different sectors which President Trump’s recent tariffs on steel and aluminum have impacted. Everything from auto manufacturing, small business manufacturing, and even the military. But will President Trump’s tariffs impact the property insurance industry? The most direct way the tariffs will impact the property insurance industry will be the delay in applicable pricing standards to be applied to property insurance claims.

Imagine you file a claim for roof damage as a result of a hurricane or a wind event. Now your insurance company will assign a field adjustor who will come out to your property and evaluate the damages. Assuming they determine it is a covered loss, they will then determine how much it will cost to replace the damaged portions of your roof or whether total replacement is necessary. In […]