fiscal planning key to hurricane season survival Archives - Page 2 of 2

Weather events pushing insurance costs higher

By Consumer Insurance Guide Staff
October 22, 2012October 29, 2012

The increasing severity of storms, floods and droughts the U.S. not only keeps forecasters busy, it also has an impact on American wallets. A new study by Munich Re shows that North America has been most affected by weather-related extreme events in recent decades. The publication “Severe weather in North America” analyzes all kinds of weather perils and their trends. It reports and shows that the continent has experienced the largest increases in weather-related loss…

Advice on filing insurance claims after Hurricane Isaac

By Consumer Insurance Guide Staff
August 31, 2012August 31, 2012

For homeowners and renters who need to file an insurance claim in the wake of Hurricane Isaac, there are steps they can take to make the settlement process faster and easier, according to the Insurance Information Institute. Wind damage from both tropical storms and hurricanes is generally covered under standard homeowners and renters insurance policies. This includes damage to the structure of the home and personal possessions. There is also usually coverage for additional living…

Many homeowners are still without flood insurance

By Consumer Insurance Guide Staff
August 10, 2012September 11, 2012

As the busiest part of the Atlantic hurricane season is getting underway, homeowners ought to be aware of the risks of storm surges and the severe flooding they can cause. Regular homeowner’s insurance does not apply to floods. Flood insurance covers your property against hurricane-caused storm surges as well as flooding generated by the torrential rains, which often accompanies tropical storms, according to the Insurance Information Institute. Homeowners and renters can get flood insurance in the form…

Florida remains vulnerable 20 years after Hurricane Andrew

By Consumer Insurance Guide Staff
August 2, 2012August 2, 2012

When Hurricane Andrew struck Florida on August 24, 1992, the tumult it created for the property insurance market in the state has not ceased in the 20 years since, according to a recent analysis by the Insurance Information Institute. A new I.I.I. white paper, “Hurrricane Hurricane Andrew and Insurance: The Enduring Impact of a Historic Storm,” outlines key insurance market changes attributed to the costliest disaster in Florida history. Insurance claims payouts for Andrew totaled $15.5 billion…

Weather insurance covers income lost to Mother Nature

By Mike Mosser
July 19, 2012July 19, 2012

As unpredictable as the weather can be, there are those whose incomes depend on it. In the past a lack of snow, too much or too little rain could spell trouble for them—unless they had the option of buying weather insurance. Megan Green, assistant vice president at Vortex Insurance Agency, provides weather insurance to cover all kinds of mishaps caused by Mother Nature. Green says policies tend to be event-based, such as someone canceling an…

Summer storms invite fraud

By Consumer Insurance Guide Staff
July 17, 2012July 17, 2012

The Coalition Against Insurance Fraud warns homeowners that the threat of summer rainstorms, hail, tornadoes, hurricanes and wildfires can not only cause damage to a homeowner’s property, they can also invite the risk of insurance fraud. After a storm, scammers will try to cheat honest homeowners who need repairs often urgently after a storm, or for routine seasonal fix-ups. “Most contractors are honest, but far too many are incompetent and unlicensed storm chasers whose best…

Wildfire-hit areas could skip wait time for flood insurance

By Consumer Insurance Guide Staff
July 13, 2012June 19, 2014

Residents in Colorado affected by recent wildfires could be eligible for an exception from the 30-day waiting period usually required for flood insurance coverage, according to the Federal Emergency Management Agency. The Biggert-Waters Flood Insurance Reform Act of 2012, signed into law recently by President Barack Obama, increases access to the National Flood Insurance Program for some residents whose homes were impacted by flooding from federal land that resulted from wildfires. The new law exempts…