Category Archive for : ‘Flood Insurance’

Mother Nature can be a harsh mistress. Without much warning we can be affected by storms, hurricanes and flash flooding. While your Homeowner’s Insurance policy will provide protection for most weather related damages, there are exclusions for certain water perils. A common exclusion for all Homeowner’s Insurance policies is the peril of flood.  The National Flood Insurance Program (NFIP) defines flooding as a temporary, partial or complete inundation of land that is normally dry which covers two or more acres or two or more adjacent properties.  Simply put, the main

With spring fighting its way into its rightful place as the ruler of March through June; it is time to discuss flooding and its impact on you (and your insurance coverage). As we all know we had quite a bit of snow this winter, and now all of that snow is melting. That water may find its way into basements and homes which prompt calls regarding the coverage that is provided by the various insurance policies people carry. Below are some things to keep in mind about the limitations of

     A recent article published at InsuranceJournal.com discusses which U.S. metro areas are the most able to withstand a disaster. The data used to determine these figures were compiled using The Resilience Capacity Index (RCI). RCI was developed by Kathryn A. Foster, a member of the Building Resilient Regions (BRR) research network and director of the University at Buffalo Regional Institute.

     The RCI has been used to measure more than 360 U.S. cities across 12 economic, socio-demographic and community connectivity indicators. The categories of consideration include: income inequality, regional affordability,

If you are like most people, when it comes to insurance coverage you think “I have insurance so I am covered for everything, right?” Unfortunately, the idea that you are covered for everything is not that simple. All policies have exclusions, limitations and conditions. Exclusions are designed to eliminate specific hazards that insurance companies cannot or do not want to provide.

These exclusions and limitations are designed to prevent various incidents from being covered that could ruin an insurance company, such as a nuclear disaster. Other limitations help curb fraud. For

The wrath of Mother Nature has always been a real concern, but lately it seems as though she has been especially scornful. A recent article by Patricia-Anne Tom was published in the Insurance Journal that discusses this issue and how it affects all of us. Dr. Erwann Michel-Kerjan is the managing director of the Wharton Risk Management and Decisions Processes Center in Pennsylvania, and in the article he explains the drastic increase in the number of catastrophes and the way they impact an ever-increasingly interconnected world.

Dr. Erwann Michel-Kerjan uses the first decade of the

Some of the world’s leading insurers and reinsurers have issued initial estimates of how much the earthquake that hit Japan on March 11 will cost them and more are expected do so over the next few weeks. Risk modeling agency RMS has estimated the total insured loss at between $21 billion and $34 billion, while rivals EQECAT and AIR Worldwide are expecting losses of $12 billion-$25 billion and $20 billion-$30 billion, respectively. The following are company loss estimates issued so far:

 Munich Re – €1.5 billion ($2.1 billion)

Swiss Re – $1.2

Do you find that during the spring thaw your basement takes on water? If so, below are 5 things you should know in the event you have water in your basement.

Water leaking into your basement is not covered under flood insurance.

If you have a leaky basement, your flood policy is not going to respond. In order to receive assistance from your flood policy, your property and at least one adjacent neighbor (or 2 acres of land) must be completely inundated with surface water.  If you have no surface water in

For most people purchasing homeowners insurance is just another obligatory step in the home buying process. Homeowners find themselves putting their name on yet another dotted line hoping that the standard homeowners policy they just purchased ensures the complete safety of their new investment. Homeowners policies, however, contain a basic exclusion for water which backs up through the sewer or drains, leaving you responsible for the physical damage, contents, and clean up. Coverage can be purchased, and is often times included in a package endorsement.

 Water backup claims occur most frequently

This is just a post to let you know we are now in the blogosphere. Visit often for various blogs on everything related to insurance. We will have polls, quick facts, articles on various claim prevention techniques and much more. Hope to see some posts as well and let us know what you find interesting. That way we can tailor the subject matter to what you find the most appealing/informative.