Live Insurance News

Flood insurance coverage fails Detroit homeowners

August 20, 2014August 18, 2014 G. Turner

Many metro Detroit homeowners will not receive compensation for damage caused by flooding. The aftermath of last week’s flooding in metro Detroit, most of which was the cause of sewer backups, has left a number of homeowners in the area with flooded basements and, much to the dismay of many of these residents, they learned that most flood insurance does not cover damaged objects, such as furniture, fridges, computers, and televisions. Some structures in the basement are covered and some are not. According to FEMA guidelines, ordinary federally supported flood…

Homeowners insurance may not fully cover that awesome man cave

April 25, 2014April 24, 2014 Julie Campbell

Creating that amazing retreat in your basement may seem like a clever reno until floodwaters rise. While adding a great man cave is becoming a more common renovation in many homes across the country, what isn’t becoming as popular is the understanding that standard homeowners insurance may turn that beloved space into one of the most costly financial liabilities in a family’s residence. There are several reasons to explain why coverage may not fully protect this basement room. According to the 2014 Cost vs. Value Report issued by Remodeling Magazine,…

Homeowners insurance concerns begin with late winter water issues

March 30, 2013January 12, 2014 G. Turner

winter water homeowners insurance industry

As the season comes to a close, issues with water are starting to fall into the spotlight of the industry. Consumers are being advised to start looking at their home insurance coverage so that they know exactly what protection is available to them as the threat of water damage increases from a number of different sources as the late winter begins its onslaught. The late months of the season frequently bring a high risk of water damage along with them. While some of these water related perils are often covered…