the need for flood insurance Archives - Consumer Insurance Guide

Late winter melting can bring risk of home water damage

By Consumer Insurance Guide Staff
March 13, 2013March 13, 2013

As winter snows melt and temperatures warm, homeowners should be on the lookout for potential water damage from inside and outside the house. Water damage can generate significant economic losses for homeowners and renters alike, according to the Insurance Information Institute. Damage from frozen or burst pipes accounted for 22 percent of all U.S. homeowners insurance losses incurred in 2010, the most recent year for which data is available, according to ISO, a Verisk Analytics…

Tips on fighting an insurance claim after Hurricane Sandy

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

Survivors of Hurricane Sandy might have another battle on their hands when it comes to dealing with their insurance company. Hurricane Sandy could result in several hundred thousand claims for wind damage by homeowners, as well as tens of thousands of federal flood insurance claims, according to the Consumer Federation of America. “Families should take every precaution to ensure their safety during this severe weather event, including evacuation if recommended by local authorities,” J. Robert Hunter,…

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…

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…