Homeowners insurance companies help customers manage Sandy

Homeowners insurance fraud storm prevention and claims

Insurers want to make sure that policyholders know what to do after the storm. Although it is very common for homeowners insurance companies to issue statements to remind customers regarding things that they can do in order to help to prepare for upcoming storms, in the case of hurricane Sandy, they are also hoping to give policyholders some advance reminders about what they should do when the storm has passed. It is one thing to try to prevent the damage, but if it happens anyway, many customers feel lost. Pennsylvania…

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Flood insurance opportunity for Sandy may have passed

insurance news - atlantic hurricane season

Homeowners who want coverage against flooding should have already purchased their policies. In the human tradition of leaving things until the last minute, many families are rushing to fill their gas tanks, crowding grocery stores to stock up on the food they might need over the next little while, and are calling their insurers to find out what flood insurance they have against Hurricane Sandy. Unfortunately, for many, inquiring about coverage is something they should have done much sooner. Homeowners across the Northeast of the country are getting themselves ready…

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National Flood Insurance Program on financial shaky ground

On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…

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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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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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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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Australian’s demand flood insurance change

The recent flood disaster in Queensland, Australia, has impacted thousands and is weighing heavily on insurers and may incite a change in how flood insurance is sold. The waters were indiscriminate – affecting those insured and uninsured. Those who are insured may find that they are not covered under their plan and will be left with nothing. A financial analyst, Joshua Zenas,  is hearing  a definate sentiment of change in the air from consumers and that this will cause companies to be put under the scrutinizing glare of the government. “Given the scale of…

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