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Archive for November, 2013|Monthly archive page

Don’t Make Claims on Small Losses

In Insurance Claims, Insurance Industry, Insurance News, Interesting News, News Article on November 25, 2013 at 1:32

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Here are some interesting statistics listing the five states where the premium increases would be the highest for a single claim and the five states where the premium increase would be the smallest:

The five states where the premium increases would be the highest for a single claim are:
• Minnesota: 21 percent.
• Connecticut: 21 percent.
• Maryland: 19 percent.
• California: 18 percent.
• Oregon: 17 percent.

The five states where the premium increase would be the smallest are:
• Texas: 0 percent.
• New York: 1 percent.
• Florida: 2 percent.
• Vermont: 2 percent.
• Massachusetts: 2 percent.

For this study, Insurance Quotes calculated rates for six large insurers based on a single-family residence insured for $144,000 with the initial claim of up to $30,000.

Click here to read more about this study and click here to see the complete lists of states.

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Flood Insurance Hits Hard Across the Nation

In Insurance Industry, Insurance News on November 11, 2013 at 1:32

While Florida leads the nation in hurricanes – this season notwithstanding – floods are an issue in many, many states.  Gulf Coast states, Atlantic and Pacific coasts are all vulnerable to storms and flooding.  Property owners are feeling the pains with the Biggert – Waters Flood Insurance Reform Act.

Partially due to the impact of Superstorm Sandy, the Act was passed in 2012 to help the government eliminate a $25 billion shortfall in flood claims.  The concerns about this Act have been felt in Mississippi, New York, California.

Forbes Magazine explains it all, with an explanation of the 1968 National Florida Insurance Program.  Many things have changed in 45 years.

Click here for more information.