With the two year anniversary of Hurricane Sandy right around the corner, it’s important to highlight the significance of hurricane preparedness and homeowners insurance.
Read MoreHurricane Sandy’s two year anniversary serves as insurance reminder
hurricane sandy
Insurers survived financial impact of Hurricane Sandy
Although U.S. insurers had enough funds to handle the impact of Hurricane Sandy the increasing number and intensity of severe weather events is still a cause for concern for panelists at a Property/Casualty Insurance Joint Industry Forum. Insurance claims from catastrophes initially fell from $32.8 billion in the first nine months of 2011 to $16.2 billion in 2012. This allowed insurers to build a record-high $583.5 billion policyholder surplus—the insurance industry’s cumulative assets, minus its…
Read MoreStorm-damaged cars taken off the market after Sandy
Thousands of cars damaged by Hurricane Sandy have been identified and are on their way to the crusher, according to The National Insurance Crime Bureau. The estimate of 230,000 insurance claims for vehicle damage in the areas affected by Sandy remains unchanged at this time. Many of those vehicles were flooded and are being towed to holding areas where they will be loaded on car haulers and taken to facilities to be crushed. NICB recently…
Read MoreHow to make the most of an insurance adjuster’s visit
As survivors of Hurricane Sandy wait for the adjuster to show up, there are steps they can take to get their homes ready and make the most of the adjuster’s visit. It’s a key part of getting a damaged property repaired or replaced as soon as possible, according to the Insurance Information Institute. After reporting a claim, the insurance company will either send a proof of loss form, for the homeowner to fill out, or…
Read MoreStorm losses covered by business interruption policy
As the East Coast recovers from the aftermath of Hurricane Sandy, even businesses that suffered no physical damage are still facing a loss from being unable to reopen. Those that have business interruption insurance will be facing much less of a financial hit as their policies cover the impact of a hurricane, according to the Insurance Information Institute. “After a major disaster, it can take more time than many people anticipate getting a business back…
Read MoreBeware of shady tow trucks in Hurricane Sandy cleanup
Price gouging and other scams involving towing companies and impound lots are being reported by survivors of Hurricane Sandy. According to the National Insurance Crime Bureau, its member companies are already receiving bills with classic signs of price exploitation. For a tow that occurred on October 30, one towing company charged $2,150, which included a $1,250 “recovery” fee in addition to charges for towing, storage and administration. NICB members report towing firms are hooking up…
Read MoreFeatured
Oct 30, 2019
LA County residents forced to evacuate could tap insurance for cost reimbursement
LOS ANGELES, Calif. — Thousands of residents from Los Angeles
Health
Mar 17, 2020
The Essentials of Long-Term Care Insurance
When you’re young, long-term care insurance is not something
