What is a storage unit insurance policy?

Storage unit insurance - Boxes in storage

This coverage can help to protect personal possessions from a number of types of risks. Storage unit insurance is a type of coverage that provides financial protection for personal possessions where they are being kept. Possessions can be protected against risks such as damage from weather and vandalism, or from theft. A storage unit insurance policy is meant to cover the items locked away off-premises from your home such as a house or apartment. While a homeowners’, renters’ or business policy may provide some coverage for what is locked up,…

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How To Find The Right Commercial Insurance In The New Normal

commercial insurance company financial rating(2)

Running a business has many risks; you may encounter a fire, have your goods stolen, or suffer water damage. And in the occurrence of these events, there’s a high likelihood of business closure until you get things back on track. Business closure is disadvantageous since you might lose clients to your competitors, reducing your income.   Insurance companies work to quicken the recovery process by providing you with financial assistance under compensation. With that, you’ll be back in business within no time, and with the money, you’ll recover all that’s damaged.…

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Motorcycle crashes see double-digit increases, including fatalities

Motorcycle crashes - crash of motorcycle

Riders are at double the risk of deadly accidents compared to all other road vehicles. Motorcycle crashes are on their way up, including those leading to rider fatalities, placing them in far greater danger than any other vehicle operators on the road. According to a recently released report, fatal accidents rose by 11 percent from 2019 to 2020. The report focused on a ValuePenguin study that examined fatal motorcycle crashes for the five years starting in 2016, the latest available data. Riders are more than twice as likely to be…

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IRA cautions that insurance fraud is harming the economy

Insurance Fraud - Research and analysis

The regulatory authority is urging Kenyans to cease their fraudulent claims as it’s hurting their economy. The Insurance Regulatory Authority (IRA) is urging people across Kenya to cease the rampant insurance fraud through scam claims. The IRA stated that the practice has been causing notable harm to the economy, while also slowing down the pace of legitimate claims settlements and causing premiums to spike and stay high. In fact, the IRA estimates that this practice is inflating premiums people are paying by up to 25 percent. The regulatory authority stated…

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Nearly 3 in 4 homeowners don’t know how their home insurance works

Home Insurance - Confusion about coverage

72 percent of participants of a Forbes Advisor survey don’t know what their coverage gives them. While most homeowners understand that home insurance is critical, but according to the results of a new Forbes Advisor survey of 2,000 policyholders, the vast majority don’t know what their coverage provides. Homeowners don’t understand their coverage even though they said they’re paying more for it. According to the survey, homeowners don’t realize that their home insurance policy provides more coverage than just protecting their house and belongings against damage or theft. It stated…

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Over 1 in 2 drivers feel they’re paying too much for auto insurance

Auto insurance - high cost car coverage

Almost 1 in 3 motorists have recently switched their insurers for cheaper coverage. The majority of drivers believe they are paying too much for their auto insurance coverage, and a large number of them are aiming to remedy the issue by switching insurers according to a recent Forbes Advisor survey. The survey involved the participation of 2,000 drivers in the United States who have a car policy. The Forbes Advisor survey showed that 58 percent of drivers feel they’re overpaying for their auto insurance. A large number of those policyholders…

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Insurance rates spike for businesses with exposures to the Russian war in Ukraine

Insurance rates skyrocket - Newspaper

Premiums have doubled or more for certain companies most affected by risks from the conflict. Insurance rates for businesses with exposures to the Russian invasion of Ukraine have doubled or more. This is particularly true of shipping firms and certain airlines. Throughout the first quarter of 2022, global commercial coverage premiums rose by 11 percent. The 11 percent insurance rates increase was announced by broker Marsh, which said that the Russian war in Ukraine was placing upward pressure on the premiums businesses are paying. That said, the overall hike in…

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