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Hurricane Sandy Home Insurance Claims

Wednesday, October 31, 2012
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Hurricane Sandy is causing devastation for the majority of homeowners across the eastern seaboard.  Many people in New York, Massachusetts and Connecticut will have to negotiate claims with home insurance carriers.  We will see wind and water damage that will exceed $15 billion.  Was your house hit by Hurricane Sandy?

Homeowners' insurance companies have gotten tougher as weather is almost certainly more cataclysmic. They've raised rates, carved out some coverage and tucked in new wind and hurricane exclusions and deductibles.

Homeowners have to have to participate in the game right if he or she need claims paid quickly and thoroughly. Start early - some tips about what in order to complete now and soon after.

If you your flashlights loaded with fresh batteries along with your water bottles in a very row, dig out your homeowner's insurance policy and see type coverage you actually have. You could potentially be unpleasantly surprised: After Hurricane Irene hit in August 2011, more insurers tucked hefty wind and hurricane deductibles regularly in their policies. They run 2 percent to 5 percent that belong to the insured property value of your private home, says Charles Hahn, an insurance coverage agent in Little Falls, New Jersey , where "we're known for flooding a lot."

Needless to say many insurers have "anti-concurrent causation clauses" in policies now that say people damage from multiple causes, say wind and flooding, where wind is covered but flooding is not actually - they won't cover some items.

A new flood insurance law passed come July 1st requires insurers which you may use federal data to allocate the actual expense if a home is totally destroyed by flooding and wind damage.

Homeowners who live close to the shoreline do most likely to have federal flood insurance; their mortgage lenders require it. But Hahn says he saw an uptick in inland purchasers after Irene. Nationally, some 5.65 million federal flood insurance policies were put in place when they get home of 2011 - that represents a 17 percent increase over the previous year, in keeping with data coming from the Insurance Information Institute.

That's good, because a great deal of rain fell during Irene that basements flooded in neighborhoods a long way away from rivers and streams. The same identical - or worse - is expected now.

In case you do not need flood insurance, you may have extra protection from water damage and mold as well as insurance policy covers failure of your sump pump, says Richard Cohen, a property loss consultant at Clarke & Cohen in Bala-Cynwyd, Pennsylvania. This coverage is generally included a number of high-end homeowners' policies, although other policies may offer limited coverage.

One silver lining: More often than not water rises really at high point locally it floods car or truck, more than likely covered because of your comprehensive auto policy, reports the insurance coverage Information Institute.

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Property Insurance Rates Leveling Out in 2012

Monday, October 1, 2012

Property insurance rates in the United States are leveling out in 2012, according to a recent study completed by Marsh. (A large property insurance broker)

Even though we didn't see any large natural catastrophes during the start of the year, rates are still slightly increasing due to many factors in a variety of geographic areas.  Rates are seen to be leveling out in 2012 because the increases have been minimal this year.

It looks like one of the reasons why the property insurance rates are still going up in small increments was due to the insured losses that were offered in 2011.  This was according to Marsh's "Global Insurance Market Quarterly Briefing:  First Quarter 2012."

Many of these losses are showing up in risk areas like business interruption, where insurance companies are being very cautious in how they underwrite each individual property case, thus taking on less risk. 

Additionally, many changes offered in 2011 risk models used by insurance companies will probably slow down premium increases in the upcoming months. 

Premiums in the United States for catastrophic-exposed risks increased between 5 and 25 percent, while most of the property insured in non-catastrophic areas only went up 5 to 10 percent. 

“The global commercial property insurance market is continuing to show signs of upwards rate trends, especially for catastrophe-exposed risks,” said Dean Klisura, U.S. Risk Practices Leader, Marsh.

Marsh deals with a variety of insured properties throughout the United States.  Do you fill this report is accurate for your situation.  How much were your home insurance premiums increased this year at time of renewal?  We would like consumers to give us an idea in how they feel about increases of insurance premiums.  Let us know how feel today, comment below. 

 

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Home Insurance Premiums On The Rise

Wednesday, September 26, 2012

Jacksonville, Florida - Increasing home insurance claims are on the rise due to the simple fact that more people are making claims.  Home insurance claim frequency is through the roof over the past 24 months. 

A new study was conducted by the IRC (Insurance Research Council).  They found that the average claim payment per person in the United States rose above 170% from 1997 to 2011.  The actual costs per insured house increased to nearly 30% in that same time period respectively.

The study concluded that during this period of time the annulated rate of increase was over 7%.

From the study, “Trends in Homeowners Insurance Claims,” the Insurance Research Council reviewed and separated regular claims from catastrophic claims.  These average paid claims for both types had many similarities.  They showed around $8,000 for non-catastrophic claims and $7,500 for catastrophic claims.

Homeowners insurance premiums are on the rise every year.  This is due to many factors that surround certain geographic areas.  We would like to ask you, have your home insurance premiums increased significantly over this same period of time?  What do you think we can do to slow down the rise in house insurance premiums in America?

Read More Here: 

http://www.insurancejournal.com/news/national/2012/09/26/264398.htm

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Guaranteed Replacement Cost Estimator In Florida

Thursday, September 13, 2012

When independent insurance agents are helping you shop for a new Florida homeowners insurance policy they will most likely be using a guaranteed replacement cost estimator to figure out how much coverage you will need to rebuild just the other structure of your house.  When I chat with consumers and clients they always think that they should have more coverage then they actually need to replace their homes structure because many think that the value of the property is included in the replacement cost.  If your agent didn’t use a replacement cost estimator when they offered to get you a homeowners policy, please give us a call at 800-554-9142 at your convenience.    We would love to run your home through our replacement estimator so you know that your home is covered for the correct amount of protection. 

How does one know how much cover to purchase for a home if they didn’t use a replacement cost estimator?  As an educated consumer, you most know that the first step toward getting a policy to cover home is determining the insurability of your home.  We will either need to get a copy of your current policy to do an analysis or we will have to ask you bunch of detailed questions to obtain the best, most accurate quotes for your home.  Some of the items we will need to ask for in order to build your quote would be the following:

  • What Year Was Your House Built?
  • Have You Replaced Your Plumbing?
  • Have You Updated Your Roof?
  • Do You Have A Hip Roof?
  • How Many Square Feet Is Your Home?
  • Had A Claim In The Past 10 Years?
  • What Is The Physical Address?

The Majority of agents in Florida use the cost estimator tool to understand the estimated replacement of your home in case of a future loss on claim.  This must be used when developing the quotes for your house or condo in Florida.  It traditional name for this is guaranteed replacement cost estimator, but you might see agents just call it replacement cost now. 

Remember our conversation earlier.  An insurer in Florida do not want to insure the ground your home sits on.  If you buy a home for $300,000, it could be that $50,000 to $75,000 is the value of the lot of land.  The other $225,000 to $250,000 would be the estimated replacement cost to build a new home.  Do not try to over insure your home because many of the carriers doing business in Florida do not find that appropriate.  Give us a call today If you want to get an accurate replacement cost of your home.  If you are too busy to call our office, feel free to get FREE online homeowners quote with our easy to use quote engine today!

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