Homeowners in the Lone Star State may want to reconsider flood insurance

The Federal Emergency Management Agency (FEMA) is saying that Texas residents are not prepared for flooding in the state. According to federal officials, only 8% of Texans have flood insurance and, given the frequency of recent catastrophic events, that is not good enough. Most insurance policies do not cover flooding and homeowners will have to go through a third party to obtain appropriate coverage. “The most alarming thing we have found is the lack of people who have flood insurance,” says Philip Beasly, FEMA’s director of external affairs. FEMA is…

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Read carefully…insurance policies carry nuclear exclusions

Insurance companies are reeling from the possible cost of the disaster in Japan. It will be weeks before the entirety of the damages can be put into any kind of perspective to be tallied. It isn’t just the property damage and the economic loss; the lives that were lost will also be a factor. Another aspect of this disaster is the nuclear contamination from damaged reactors.  Most traditional policies exclude coverage for nuclear accidents. There is more to assessing damage than people might realize. You have to determine what was…

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Damages from Sendai earthquake are far spread

Japan is in the midst of the most catastrophic disaster in recent history. On Friday, the nation suffered a magnitude 8.9 earthquake that was the most powerful geological event in the region in millennia. The quake triggered powerful tsunamis that invaded the shores of Japan and caused grievous damages to the Northern provinces. While the earthquake threatened to tear apart the nation’s foundations, the unrelenting tsunami washed away everything it its path. Insurance companies are struggling to fathom the cost of the disaster. Initial estimates claim that more than $35…

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A spring cleaning of America’s flood insurance program

With spring now insight, it’s time to prepare for nasty weather. Depending on what part of the nation you live in, that could mean tornados and hail, or spring rains and flooding. This is a good time to examine your homeowner’s policy for any needed updates that may need to be made. Last year we had amazing weather activity. In the United States, we saw abundant rainfall; with many states receiving record amounts and other states getting well over normal. Snow and bitter cold temperatures set seasonal records, and numerous…

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CEA campaign to bring awareness to California residents who don’t have earthquake insurance

An insurance agent marketing program was launched by the California Earthquake Authority with a goal of selling 15,000 policies by August 1 of this year. The Marketing Value Program or MVP is set to improve the relationships between the insuring agents and the CEA such that residents from California will participate in the said program. Since 2008, the earthquake that happened in Christchurch, New Zealand is considered as the most expensive global insurance wherein estimated losses that are insured range from $3 to $12 billion. The same earthquake magnitude is…

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Major flood risk areas in U.S.

U.S. and state officials from the Midwest are making preparations for possible floods that might happen during the spring along identified areas particularly those that are near the Red Rive and Mississippi River. These are the areas that are of the greatest risks for encountering the floods. The areas that are affected during the floods are among the top crop producers of the country. The states of Illinois and Iowa are leading exporters of corn and soybeans, while Minnesota and North Dakota are top producers of spring wheat and durum.…

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Queensland flood insurance investigation reveals that nature wasn’t the only culprit

According to experts that were hired by insurance companies to do a further check into the damages that occured during the Queensland floods, found that the Wivenhoe Dam  was a contributing factor.   The owner of NRMA and CGU, Insurance Australia Group reported in detail how the water that was released from Wivenhoe including the heavy and continuous rainfall contributed to the flooding of the homes and businesses in the said Australia state. However, it was not reported how much of the damage can be blamed on Wivenhoe during the flood that…

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Florida Property Insurance Reform Underway

In Tallahassee Florida, the fight for the insurance reform could mean an expensive cost of millions of dollars to the concerned customers during the legislative session. According to the private insurance industry, Citizens Property Insurance – a government run company, should raise its rates to its customers as well as reduce the coverage for them since they cannot possibly compete with these. The state lawmakers are now considering this and it could lead to a rapid increase of payments for the residents of Tallahassee. Similar changes have been noted, such as…

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Property insurance rates getting more and more competitive

Homeowners may actually start getting a break on their insurance policies; at least in Louisiana. A few new insurance companies have started business there; where just a few years ago they were closing shop and leaving. The homeowner’s didn’t have a lot of choice as far as insuring their homes; if they could get coverage at all. Now it looks like change is on the way.   A survey done in 2008 showed Louisiana had the third highest insurance rates in the nation; leaving homeowner’s paying an average of $1400…

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Animal liability coverage going away on some homeowner’s policies

If you’re thinking about buying a home, or changing insurance providers, make sure you read the fine print. There are several insurance companies that are excluding coverage for your canine companions. They will no longer cover property damage caused by your dog, and they won’t pay for any medical costs should someone get bit.  Insurers and underwriters are watching the numbers, and the numbers are telling them they are paying out well over 400 million dollars a year on dog bite incidents. Hospital emergency rooms see over 365 thousand people…

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