According to recent reports, the weather related claims throughout the world have taken a toll on the insurance companies billions of dollars in 2011. Massachusetts experienced its new set of destructive weather phenomenon. People all over the United States have been subject to a number of storms that resulted in ice dams on their homes and traffic accidents on roads. Not only storms, tornadoes too, ripped through various states along hurricane Irene that blew in late August causing widespread damage to the flood prone areas. Homeowners not only require calculating a mortgage loan amount through…
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Finding the best homeowners’ insurance rates for 2012 coverage
Following a year of record breaking disasters, many homeowners are wondering how they can find lower and more affordable rates for their insurance policies. Even those with experience in shopping around for the best price for a policy are discovering that the process is becoming much more complex. Many insurance companies have now implemented a number of different types of exemptions for various forms of damage from storms and other natural events. Some are also assigning lower values to a home’s replacement cost. According to the Consumer Federation of America’s…
Read MoreReport calls for more action from consumers to help mitigate the costs of natural disasters
This year has been host to a large number of natural disasters that have born a heavy price tag to the insurance industry. While natural disasters may not be happening more frequently, they are certainly happening in areas of dense population, making the damage they cause astronomical. Consumers often look to the insurance industry to provide protections against natural disasters, but the industry can only do so much. A new report from the University of Pennsylvania’s Wharton School suggests that government policy, as well as consumer initiative, may significantly reduce…
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