Property Insurance Daily

by: Christine Zafra

The president of American Insurance Association (the confederation of all the insurance companies in the United States) Gov. Marc Racicot guaranteed the inhabitants of southeastern Virginia that the insurance sector is concentrated on giving them a fast response in aiding them to recover. These residents, if you remember, have experienced 3 tornadoes in just one day.

The insurance companies have already publicly announced that the claims procedure has started and that the mobile claims buses have been spread to affected areas.

Gov. Racicot praised Virginia’s Governor Timothy Kaine for declaring a state of emergency and so, aids and other volunteers were able to use emergency aid to those in the communities that were hit the hardest.

Photo taken from http://i.treehugger.com

by: Christine Zafra

Meteorologists and other experts predicted that the United States in the year 2008 will have lots of hurricane visitors and warned them that perilous storms could terrorize coastal areas from down Texas to Northeastern New England this summer and fall. Also, based on the press release of the Insurance Information Institute (I.I.I.), now is the right time to get ready for a hurricane or any other disaster that might happen in the future. They released a 6 step guide for people to remember and do:

1. Review once again your insurance coverage.
2. Plan your evacuation as early as now.
3. Make a list of your belongings.
4. Decide which one to take, which one to leave (things).
5. Put your important documents in one place.
6. Try to time yourself by getting all the things you need in 10 minutes.

Photo taken from http://www.allottsremovals.co.uk

by: Christine Zafra

“Bye doggie. Take care of the trampoline for me.”

A number of the new insurance companies that are relocating to Louisiana and carrying with them policies from the Louisiana Citizens Property Insurance Corp. are keen to sell coverage that is very much different than the usual policy they had..

Some companies do not have coverage for dogs, especially those breeds that may have ferocious inclination. This could be a dilemma for many households with canines. Some does not include coverage for personal belongings such as trampolines, terrain vehicles or pools with those fun diving boards or slides, which of course, may not please families with children as these are the kids’ “stuff”.

Photo taken from http://montyandminipus.com

by: Christine Zafra

What will you do if for example a tree fell to your backyard and hit your roof, which eventually was damaged by the impact of the tree? You probably wonder if your insurance company covers such.

The fact is, yes, you can go to your insurance company and claim. In addition, it doesn’t matter whether the tree was in fact growing on your property; if it lands on your home or any of your insured properties, then that’s it, you can file a claim. During storms, trees can sometimes be uprooted and land on your property. I’m pretty sure insurance companies won’t trace where that tree or shrub cam from. It’s a total waste of time.

Photo taken from http://www.raggedcastle.com

by: Christine Zafra

It’s the dreaded hurricane period once again and the prediction states that we should expect it to be above average (starting June 1). That means, it’s time to inspect your home insurance policies so that you’ll be able to decide whether you have enough coverage for the costs that you house might incur during a major storm. Don’t forget though, if you have any problems with it, contact your agent to make amends.

Although you probably already know the basics, the most vital information to look for in your policy is whether the insurance company will pay for the rebuild or repair of your home, restore belongings and cover all your living expenses once the storm hits you (you would want to live in another home while your house is being fixed, do you?)

Photo taken from http://insideelections.files.wordpress.com

by: Christine Zafra

Attorney Robert Cintron has filed five federal complaints against the different flood insurance companies. One latest settlement allowed the Commissioner of Key West City Mr. Clayton Lopez to start moving back into his residence after living for more than two years in a provisional trailer van.

The hurricane Wilma way back in 2005 made many Key West homes either in need of total overhaul or crumbled down, including the 6 people represented by Cintron himself. His clients said that they have not gotten sufficient insurance reparation from the company.

Lopez said the insurance companies with which he was a policy holder, assessed his home, fought over which natural calamity caused the damage (whether it wind or flood and who was supposed to be held accountable in the repairs).

Photo taken from http://foreveranoob.files.wordpress.com

by: Christine Zafra

Marsh & McLennan, an insurance company from New York, reported a loss of $210 million in the first quarter of their operations, as the insurance security industry experienced a deep plummet in value.

The said company lost about 40 cents per share in their January to March period. It is vital to recall that a year earlier, the company earned $268 million, or equivalent to 49 cents per share.

The company credited the said financial loss mostly to the $425 million “asset damage” indicted by Kroll, the security firm of Marsh. Since then, Marsh has been probing on how to create best value from its business.

Photo taken from http://content.answers.com

by: Christine Zafra

The world is not getting any younger. Experts say that our home existed about 4.55 billion years ago and considering how many things can happen within a century, that’s pretty long a timeline.

The earth moves, and that is the main cause of earthquakes. Earthquakes are generally triggered by the movement of tectonic plates—so much for science. This phenomenon is natural occurring; hence, this can’t be prevented nor controlled. However, the damage that’ll soon take place can be prevented. That’s the reason why the former Californian Insurance Commissioner Charles Quackenbush decided to fund earthquake studies worth $6.5 million dollars.

Photo taken from http://gtalumni.org

by: Christine Zafra

The United States Senate is actually planning on changing and reforming their National Flood Insurance program for it to suit the needs of the people better. The said flood insurance program is already 40 years old and so the United States constituents and policy holders fear that there are some catastrophes that should be counted under flood damage but aren’t due to the old policy.

In general, it is true that laws should be periodically reviewed to see if the policies can still cater the people. If the policies and laws don’t anymore have teeth, people will then be disgruntled and dissatisfied about it.

Photo taken from http://blog.tmcnet.com

Insurance Companies in Canada are very worried. The drastic changes in climate is letting them review their coverage policies as risks from floods and other natural disaster continue to increase. Climate change has tremendous and widespread effects that costs millions of dollars worth of damages. It has been one of the greatest threats facing the insurance industry today and because of this, insurers have been doing their best to outline the challenges they face and formulate strategies to deal with them.