Following the superstorm, many homeowners have been inquiring about coverage against flooding. As the claims following Superstorm Sandy continue to be managed, insurers are finding that they are being contacted by consumers for an entirely different reason, which is to learn more about flood insurance and to add the protection to their homes. The reality of the risk involved in a potential storm such as Sandy has now become more than clear. Agents and brokers alike are reporting that flood insurance is one of the top reasons that they are…
Read MoreCategory: Specialty Insurance
Special lines insurance covers everything from supplemental health insurance to cell phone insurance. When researching these markets many find this as a great source of information.
Crop insurance teetering on the “fiscal cliff”
The farm bill has been pushed to help to save the protection subsidies from the axe. Lawmakers from rural areas who are concerned that the $9 billion in annual federal subsidies for crop insurance may be considered to be an easy target for cutting spending in order to avoid the looming fiscal cliff. They are now seeking a new way to compromise on the farm bill in order to continue protecting farmers. The House and Senate Agriculture Committee chairpersons had already been prepared to use a new farm bill in…
Read MoreExtreme sports insurance and ski safety tips are important for starting the season
Skiers are cautioned to start the winter off right by taking appropriate precautions. In some areas of the world, the ski season has already started and is in full tilt, but a snowboarding accident in Chamonix is serving as a reminder that extreme sports insurance is just as vital this year as it has been in previous years. A British student is currently on life support because of a crash experienced on the slopes. The Alps are currently having record snowfalls, which could mean a good season, but it is…
Read MoreUsage based insurance patent granted to Progressive for sixth time
The Snapshot program has now received another level of protection for its mobile device technology. Progressive has just received yet another patent in connection to its usage based insurance program, which covers the specific mobile device that is used by the insurers to obtain driver data. The insurer was awarded U.S. Patent Number 8,311,858 for its mobile device. The wireless device is installed into the vehicle of the usage based insurance policyholder in order to provide data to the insurer that can be used in order to determine that motorist’s…
Read MoreRenters insurance in North Carolina to increase 13.2 percent
Rates for homeowners policies will not be affected by this change. North Carolina’s Commissioner Wayne Goodwin has announced that he is stepping away from his decision for slightly decreasing rates for rental insurance and other types of coverage for properties that are not occupied by their owners, due to a court battle declared by the industry. An out of court settlement has now been reached for the case between the industry and the Insurance Department. A compromise was reached in the settlement that fell between the 2.6 percent decrease in…
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