According to the Malloy administration, almost 70 percent of the homeowners insurance companies in Connecticut have announced that they will be forgiving the more expensive deductibles for damage claims relating to Tropical Storm Irene. According to a statement made by Governor Dannel P. Malloy and Insurance Commissioner Thomas Leonardi, “Failure to do this would result in many homeowners paying tens of thousands of dollars out-of-pocket.” Even though Irene had been downgraded to a tropical storm by the time it reached the state, the clause for hurricane deductibles became effective for…
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Chronically ill patients can receive patient for life insurance from The Hartford
Chronically ill clients of The Hartford can now benefit from a new patient for life insurance system that has been awarded to the insurer, to advance the death benefit of a policy in order to offer those patients an income. For the first time in the insurance industry, consumers will be able to obtain an income from the LifeAccess Accelerated Benefit Rider® system, which provides chronically ill patients with an income that they can use for whatever they want, including paying family or friends to provide them with home care.…
Read MoreDisability Insurance: U.S. workers underinsured
A recent survey performed by The Hartford insurance company showed that over 50 percent of US workers are without disability coverage and the percentage continues to climb. The research suggested that only 44 percent of U.S. workers have a form of long-term disability coverage, while 49 percent have short-term disability coverage. When compared to 2010 the percentage for long-term disability insurance dropped by 3 percent and short-term disability insurance fell by 6 percent. Executive vice president, Ron Gendreau for the Group Benefits at The Hartford said that “We are concerned…
Read MoreInsurance companies jockey for position over State Farm’s abandoned flood policies
The U.S. House of Representatives have passed reform legislation for the National Flood Insurance Program (NFIP) despite distractions from numerous insurers. State Farm Insurance Company dropped out of the government program last year, leaving over 800,000 policies in the government’s hands. The government’s NFIP covers more than 5.6 million property owners from common natural disasters as well as flooding. State Farm leaving the program marks the largest withdrawal from the program since it began in 1969. FEMA (Federal Emergency Management Agency) runs the government program. The policies are marketed, sold…
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