Live Insurance News

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 customers in Quebec lack an understanding of their coverage

April 23, 2014April 21, 2014 Julie Campbell

This virtually universal problem was just demonstrated in a survey specific to that Canadian province. The results of a survey conducted by the Insurance Bureau of Canada (IBC) has shown that a strikingly large number of homeowners insurance policyholders in the province of Quebec do not have a solid understanding of the ways in which their homes and properties are protected. About half of the people surveyed erroneously felt that they had coverage against an overflowing body of water. As one in every two people in Quebec feel that their…

Flood insurance rates in Florida significantly reduced by Lloyd’s of London

April 22, 2014April 19, 2014 H. Cutner

The massive marketplace is now showing quotes that are notably lower than NFIP. In recent news that is quite different from what Florida is used to hearing, it could be that flood insurance rates are actually falling and becoming more affordable, as private insurers start to make their way into this marketplace. Consumers who have been shocked by the increases by NFIP are finding relief in new quotes. The National Flood insurance Program (NFIP), which is a part of FEMA, is now quoting rates that are significantly higher than what…

Flood insurance rates continue to rise in West Virginia

April 14, 2014April 12, 2014 S.Vagus

Insurance coverage continues to become more expensive despite new law Last week, President Barack Obama signed the Homeowner Flood Insurance Affordability Act into law. The legislation repeals provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 that were responsible for the dramatic rise in flood protection premiums. While these provisions have been repealed, insurance premiums are still expected to rise over the coming months, especially due to the fact that government subsidies meant to reduce the financial impact of higher premiums begin to expire. Rates are growing by 25%…

Is your insurance ready for National Water Safety Month?

April 7, 2014April 12, 2014 Julie Campbell

After the long winter, it is almost time to start opening pools and heading to the beach again. Now that the weather is warming up, we are rapidly approaching May, and the insurance industry is reminding Americans that it is National Water Safety Month, which is a very important time for making sure that precautions are taken so that everyone will be able to enjoy various aquatic activities safely. Even before that month has the chance to begin, there are certain steps to take. Although you may only be opening…