Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…
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Flood insurance now assured for UK homeowners
Residents of many villages that thought they may no longer be able to find coverage now have it guaranteed. The people living in a number of villages throughout the United Kingdom, such as those in the area of Worcester and its surrounds, are now breathing a sigh of relief as they hear that their flood insurance will be guaranteed. The coverage was on extremely shaky grounds as the government and insurers in the country negotiated. The negotiations were not looking very promising for some time, but the government and the…
Read MoreHomeowners insurance customers in Alberta applaud sewer backup coverage
Some insurers have had a change of heart and are now covering the damage that they previously had refused. Some homeowners customers finally have a reason to feel good after having suffered from massive flooding in Alberta, Canada, as certain insurers have had a change of heart and are now saying that they will cover damage resulting from backed up sewers. Previously, insurers had stated that they would not provide this coverage as it was not a part of the policies. Claims had even been denied when homeowners insurance customers…
Read MoreMayor Bloomberg looks for alternative to flood insurance
Flood insurance may not be adequate safety net for New Yorkers New York is no stranger to hurricanes and flooding disasters, but the recent onslaught of Hurricane Sandy has sparked new action when it comes to the matter of flood insurance and protection for state residents. Hurricane Sandy dealt a terrible toll to the state, causing a significant amount of damage from strong winds and, primarily, flooding. Many homeowners throughout the state that were affected by the storm found that their properties were not protected from flood damage due to…
Read MoreFlood insurance claims will reach $4 billion in Germany
The waters of the Danube have now swelled outward to the point that they are headed for Serbia. The latest predictions have suggested that the damage that has occurred due to the rising floodwaters in Germany are likely to bring about flood insurance claims that will reach €3 billion (approximately $4 billion). This, according to a credit rating agency’s forecasts regarding the claims made from the water damage. Though the Elbe river’s levels appear to be stabilizing in the north of Germany, further to the south, the flood insurance issues…
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