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Hailstorms remain a major cause of property damage

By Consumer Insurance Guide Staff
April 19, 2013April 19, 2013

Hailstorms stypically strike in the Midwest and Great Plaines but can happen in any state in the nation. Hail and windstorm losses are one of the top losses for property damage. This year the Insurance Institute for Business & Home Safety Research Center conducted the first-ever indoor hailstorm, in an effort to research building products and ways to educate consumers. Damage from both hail and wind caused more than $3.9 billion in property claims in…

Fighting wildfires starts with community-wide prevention

By Consumer Insurance Guide Staff
April 15, 2013April 15, 2013

Considered the worst fire in Colorado state history, the Waldo Canyon Fire ignited June 23, 2012, near Colorado Springs, Colo. It forced more than 30,000 people to flee their homes, destroyed 346 homes, scorched 18,247 acres, killed two residents and took firefighters 18 days to fully contain. The fire presented the first opportunity for partners in the national Fire Adapted Communities coalition to collectively evaluate the performance of mitigation practices in Colorado Springs in a…

Weather-related catastrophes hit U.S. the hardest in 2012

By Consumer Insurance Guide Staff
April 8, 2013April 29, 2013

Weather-related events and man-made disasters caused $186 billion in world economic damages in 2012 with approximately 14,000 lives lost. According to a study by Swiss Re, global catastrophes large scale weather events in the U.S. pushed the total insured claims for the year to $77 billion, which is the third most expensive year on record. This amount is still significantly lower than 2011, when record earthquakes and flooding in Asia Pacific caused historic insured losses of…

Earthquakes are not covered by regular insurance policies

By Consumer Insurance Guide Staff
April 3, 2013April 8, 2013

California may be known for its earthquakes but they can actually happen all over the U.S. A 5.8 magnitude quake hit Virginia in August, 2011. Lesser tremors happen periodically in many other parts of the country. Wherever they strike, homeowners could be unaware that their regular homeowner’s or business insurance policy does not cover such events, according to the Insurance Information Institute. Coverage is usually available for earthquake damage in the form of a supplemental…

Property damages high but so is satisfaction with claims

By Consumer Insurance Guide Staff
April 2, 2013April 15, 2013

Insurance companies faced two of their biggest years for disaster-related property claims in 2011 and 2012 yet customer satisfaction with the claims process remains high. According to J.D. Power and Associates’ 2013 Property Claims Satisfaction Study, the number of those filing directly with an underwriter continues to rise, although satisfaction his higher among those who file a claim with their agent. The study, now in its sixth year, measures satisfaction with the property claims experience…

Wealthy families might have less insurance than they need

By Consumer Insurance Guide Staff
March 19, 2013September 24, 2014

Although wealthy individuals and families have the means to insure their assets, they might not be buying adequate protection, according to a recent study. At the same time, they might also have savings available to them that they’re unaware of. These findings are presented in a new whitepaper by ACE Private Risk Services, the high net worth personal insurance business of the ACE Group. The study, Wealth at Risk: How High Net Worth Families Overpay…

Trees and debris cause major damage during tornadoes

By Consumer Insurance Guide Staff
March 8, 2013March 25, 2013

When a spring or summertime storm or tornado strikes, flying tree limbs and related debris can be a significant cause of damage, according to claims data from Nationawide Financial. Fortunatley there are steps homeowners can take to reduce the chance of damage to their house or vehicles. “Tornadoes happen any time of the day and year,” said Pete Lore, Nationwide’s associate vice president of claims, said in a statement. “Don’t wait until a storm is…

Missing jewelry leads rise in suspicous insurance claims

By Consumer Insurance Guide Staff
February 13, 2013June 19, 2014

The potential for insurance fraud exists with any kind of property, particularly with expensive items like jewelry and cars. Insurance companies saw a dramatic increase in questionable claims over the past few years, according to the National Insurance Crime Bureau. From 2010 to 2012, there was a 26.7 percent increase in questionable claims referred to the NICB, from 91,797 in 2010 to 116,268 in 2012—a new record. In 2011, the total was 100,450. Questionable claims…

Valentine’s Day gifts could raise questions of insurance

By Consumer Insurance Guide Staff
February 12, 2013February 26, 2013

Chocolates or wine are meant to disappear on Valentine’s Day, but fancy jewelry is a different story altogether. If expensive items are stolen or damaged, the loss could hit the wallet more than the heart. That’s why the Insurance Information Institute recommends those exchanging expensive presents to make sure they’ll be included on their insurance in case something happens. Valentine’s Day remains one of the biggest gift-giving holidays in the U.S. The National Retail Federation…

Save money on insurance by avoiding common mistakes

By Consumer Insurance Guide Staff
February 8, 2013February 26, 2013

No one likes spending more than they have to on anything, especially insurance, yet many people could be unaware they’re doing just that. Of course, cutting back on insurance in the wrong way could leave someone flat-flooted financially if they don’t have enough to cover a loss. “There are simple steps you can take to cut the cost of your home and auto insurance while continuing to be financially protected against a catastrophe,” Loretta Worters,…