flood insurance Archives - Page 3 of 4 - Consumer Insurance Guide

How to survive any disaster

By Mike Mosser
November 1, 2012November 1, 2012

By anyone’s measure, the weather has become increasingly extreme in recent years. Whether it’s hurricanes on the coasts, tornadoes in the Midwest or wildfires, landslides and mudslides in the west—Mother Nature has a way of letting us know she’s in charge. Naturally everyone says to “be prepared,” but what exactly that means isn’t always obvious and can change depending on the scenario. Sure, the authorities always say to stock up on batteries and have some…

How to file an insurance claim after the storm passes

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

As survivors of Hurricane Sandy survey the damage and try to put things back to normal, one of their first calls will no doubt be to an insurance company. They’ll need to act quickly to document the damage and record all of their losses in order to protect their assets and file a claim. “Save all of your receipts from hotels and restaurants if you have been asked to evacuate to a safe area. You…

Homeowners insurance does not cover damage from floods

By Consumer Insurance Guide Staff
October 30, 2012October 30, 2012

Hurricane Sandy’s treatment of the East Coast offers a warning that floods aren’t just located in Florida and Louisiana. It’s also a reminder that homeowners need a separate flood policy to cover the damage. Flood insurance is available in the form of a separate policy from both the federal government’s National Flood Insurance Program and from a few private insurers. Properties situated in a designated flood zone generally have flood insurance policies covering them, according to the Insurance Information…

Costs of flooding on the rise

By Consumer Insurance Guide Staff
September 10, 2012September 27, 2012

The cost of flooding has doubled within the past 10 years and now rivals losses caused by earthquakes, according to a new report. The combination of these losses and the insurability of floods provides unique challenges for the insurance industry, according to global reinsurer Swiss Re. The report, “Flood – an underestimated risk: Inspect, inform, insure” indicates that no other natural catastrophe impacts as many people as flooding with an estimated 500 million people affected…

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…

Hurricane season could be more active than expected

By Consumer Insurance Guide Staff
August 7, 2012August 30, 2012

The Colorado State University Hurricane Forecast Team issued a slight increase in its overall seasonal forecast for 2012, anticipating more storms than previously thought. The team still predicts a below-average remainder of the season due to the likely development of an El Nino. The team of Phil Klotzbach and William Gray now predict a total of 14 named storms with six becoming hurricanes and two becoming major hurricanes with sustained winds of 111 mph or greater. In June, the…

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…

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…

Association offers information on hurricane survival

By Consumer Insurance Guide Staff
June 13, 2012June 18, 2014

The Property Casualty Insurers Association of America is offering home and business owners a list of steps to take immediately prior to and following a hurricane. The organization wants to help residents in hurricane-prone states make preparations for the threat of devastating storms. The National Oceanic and Atmospheric Administration predicts a very active storm season with three to seven major hurricanes and the PCI recommends that homeowners, businesses and public policymakers take the necessary steps…