Few people have funds to spare after falling victim to a natural disaster.
Many of these individuals, however, are targeted by fraudulent contractors who overestimate the extent of damage – or create new damage – in order to increase their profit, according to a recent report by the National Insurance Crime Bureau. The report offered advice for individuals hoping to protect against these schemes.
Receiving more than one estimate of the repairs’ costs can help ensure that they are accurate, while asking for and verifying contractors’ references may enable consumers to identity any opportunists.
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Unless they have experienced flooding, homeowners may not consider the impacts a possible storm surge can have on their home or economy.
Even individuals living in a flood plain or other risky area are often hesitant to buy the insurance necessary to protect against these damages, according to a recent report by the Insurance Journal. The report looked at research from First American Spatial Solutions showing that a category 5 hurricane could cause some $53.6 billion in damage if it struck Miami.
“Homeowners can mitigate against wind damage, but they’re powerless, really, to do anything against storm surge,” Howard Botts, FASS vice president and director of development, told the Journal.
Knowing about their risk and the cost it would take to rebuild a structure may help homeowners understand the importance of flood insurance, according to Botts.
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Insurance agents trying to attract new customers may benefit by building their business online, according to a recent report by AIS Media.
A survey of more than 4,500 Americans showed that 59 percent of them preferred researching insurance rates online rather than making a phone call. Search engines are the second-most popular tool for this research, according to the Insurance Customer Interactive Media survey, and were used by 32 percent of respondents. Friends and family were the top resource for insurance information.
Less than 10 percent of respondents in the survey did not have insurance. Health insurance was the most common type of coverage.
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The Federal Emergency Management Agency recently recommended that homeowners in one Arkansas community increase their protections against floods.
However, one Trumann Levee District official is now calling these suggestions a scam to raise money, according to a recent report by the Associated Press. FEMA is currently finishing a Flood Map Modernization Plan aimed at determining the necessary levees and insurance premiums for flood-risk areas.
Many of these maps provide more protection than necessary – even in the worst-case flooding scenario, according to the wire service.
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Because of their increased likelihood of causing accidents, first-time drivers often face higher auto insurance premiums than their more experienced counterparts.
In many states, they are also subject to restrictions on the number of passengers they may have and the hours in which they are allowed to operate a motor vehicle. First-time drivers in New Jersey are required to attach a decal to their vehicles that will make it easier for law enforcement officials to identify and regulate them.
However, many of these teenagers are neglecting to abide by the law, according to a recent report by the Associated Press.
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One of the worst oil spills in history may also be one of the costliest to the insurance industry, according to a recent report by the Insurance Information Institute.
The Deepwater Horizon oil rig may cause some $1.4 billion in losses for companies invested in its processes. Types of insurance that will be involved in covering these claims include business interruption insurance, environmental liability, comprehensive general liability, property damage insurance and more.
Workers compensation will be responsible for covering claims related to the 11 deaths resulting from the oil rig’s April 22 explosion, according to the report.
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I was recently asked several questions about annuities, so I thought I’d share them with you. You know what they say, if you have a question, someone else probably has the same one. Please share any additional questions in the comments section below…
Q. Why are annuities getting a second look right now? Why is the
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Travel Underwriters recently announced a great new
addition to it’s claims paying procedure.
Travel Underwriters announced that they will be offering a new online claims submission feature, which will be available in both English and French. It’s an additional way for the insured to begin the
claims process.
Clients or customers can either call Travel
Underwriters’ toll-free number, or start their claims process online. For more details, please contact us at 1-866-899-4849, or visit our Travel Insurance Quote Page.