Saturday, June 30, 2012

Utah Home Insurance Giant, Travelers, Partners With Brasher Insurance Group - Houston Chronicle

Travelers, one of the major homeowner insurance providers in Utah, has partnered up with Brasher Insurance Group to offer homeowner, renter and landlord insurance.

Salt Lake City, UT (PRWEB) June 30, 2012

Utah homeowner insurance giant, Travelers has given the "thumbs up" to partnering with local Utah company in providing affordable homeowners insurance to Utahns. "It's official," says Reed Brasher of Brasher Insurance Group. "We've teamed up with Travelers to provide Utahns with some amazing insurance on their homes and rental properties. We're pretty excited about this."

Visit our site to see the amazing discounts on Utah homeowners Insurance

Travelers insurance has been around for over 150 years and is one of the nations largest property casualty companies. They work hard to provide their customers with top quality products and services. Their customer service is one of the best in the business because they listen to the needs of the people. Their whole goal is to minimize risk, prevent loss, help prepare for the unknown and elevate the quality of life.

One of the areas that Travelers focuses on is renters insurance. Renters insurance can help protect the value of personal belongings if something were to happen which gives renters more peace of mind. Most renters assume all their belongings are covered as part of renting, however, damages to furniture, clothing or other personal things are not covered. The same applies to condos and townhomes. The insurance policy on the condo only protect the condo structure, nothing inside.

Click here to get started

Reed says, "It's important for renters to understand that they're personal belongings are not protected under the associations insurance policy. Those insurance policies are designed to protect the unit itself. For personal protection, condo or renters insurance will protect personal items."

Brasher Insurance is a local Utah insurance company who has partnered up with several of the top insurance companies throughout the nation. This allows them to shop for the best rates and ensure the best coverage. Their goal is to help Utahns understand what they need and help them find the best plan.

Find out more details by going to our site

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/6/prweb9659600.htm

Utah Home Insurance Giant, Travelers, Partners With Brasher Insurance Group - Virtual-Strategy Magazine

Travelers, one of the major homeowner insurance providers in Utah, has partnered up with Brasher Insurance Group to offer homeowner, renter and landlord insurance.

Salt Lake City, UT (PRWEB) June 30, 2012

Utah homeowner insurance giant, Travelers has given the "thumbs up" to partnering with local Utah company in providing affordable homeowners insurance to Utahns. "It's official," says Reed Brasher of Brasher Insurance Group. "We've teamed up with Travelers to provide Utahns with some amazing insurance on their homes and rental properties. We're pretty excited about this."

Visit our site to see the amazing discounts on Utah homeowners Insurance

Travelers insurance has been around for over 150 years and is one of the nations largest property casualty companies. They work hard to provide their customers with top quality products and services. Their customer service is one of the best in the business because they listen to the needs of the people. Their whole goal is to minimize risk, prevent loss, help prepare for the unknown and elevate the quality of life.

One of the areas that Travelers focuses on is renters insurance. Renters insurance can help protect the value of personal belongings if something were to happen which gives renters more peace of mind. Most renters assume all their belongings are covered as part of renting, however, damages to furniture, clothing or other personal things are not covered. The same applies to condos and townhomes. The insurance policy on the condo only protect the condo structure, nothing inside.

Click here to get started

Reed says, "It's important for renters to understand that they're personal belongings are not protected under the associations insurance policy. Those insurance policies are designed to protect the unit itself. For personal protection, condo or renters insurance will protect personal items."

Brasher Insurance is a local Utah insurance company who has partnered up with several of the top insurance companies throughout the nation. This allows them to shop for the best rates and ensure the best coverage. Their goal is to help Utahns understand what they need and help them find the best plan.

Find out more details by going to our site

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/6/prweb9659600.htm

OnlineInsuranceMarketplace.com Now Offers Cheap Home Insurance Quotes ... - San Francisco Chronicle (press release)

OnlineInsuranceMarketplace.com Now Offers Cheap Home Insurance Quotes Online

Los Angeles, CA (PRWEB) June 29, 2012

Online Insurance Marketplace announced today that the site will now offer home insurance quotes from multiple insurance carriers. The site, which has become popular for providing affordable term life insurance quotes online for 20 year term life insurance has now expanded to selling home insurance.

"We hope to be able to provide as much savings to people purchasing home insurance, as we have to those purchasing life insurance." said Russell Rabichev, Marketing Director for Online Insurance Company.

Online Insurance Marketplace allows people to compare affordable online home insurance quotes. Many people do not think it's necessary to purchase homeowner's insurance coverage, which is a big mistake. A home is the biggest investment. Not only is it a place of dwelling which houses a family, but the things inside it, such as electronics, jewelry, furs, furniture, clothes, etc. are worth a lot both emotionally and materially. Without purchasing homeowner's insurance, in case of an earthquake, flood, robbery, theft, etc., belongings are not going to be covered, and one may not be able to afford to replace them.

Online Insurance Marketplace is an online provider of life, home, health, and auto insurance quotes. It is unique in that this website does not simply stick to one kind of insurance carrier, but brings the clients the best deals from many different online insurance carriers. This way, clients have offers from multiple carriers all in one place, this website. On this site, the client will have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

For more information, check out this site.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb20yeartermlifeinsurance/termlifeinsurancequotes/prweb9635787.htm

Friday, June 29, 2012

OnlineInsuranceMarketplace.com Now Offers Cheap Home Insurance Quotes ... - Virtual-Strategy Magazine

OnlineInsuranceMarketplace.com Now Offers Cheap Home Insurance Quotes Online

Los Angeles, CA (PRWEB) June 29, 2012

Online Insurance Marketplace announced today that the site will now offer home insurance quotes from multiple insurance carriers. The site, which has become popular for providing affordable term life insurance quotes online for 20 year term life insurance has now expanded to selling home insurance.

"We hope to be able to provide as much savings to people purchasing home insurance, as we have to those purchasing life insurance." said Russell Rabichev, Marketing Director for Online Insurance Company.

Online Insurance Marketplace allows people to compare affordable online home insurance quotes. Many people do not think it's necessary to purchase homeowner's insurance coverage, which is a big mistake. A home is the biggest investment. Not only is it a place of dwelling which houses a family, but the things inside it, such as electronics, jewelry, furs, furniture, clothes, etc. are worth a lot both emotionally and materially. Without purchasing homeowner's insurance, in case of an earthquake, flood, robbery, theft, etc., belongings are not going to be covered, and one may not be able to afford to replace them.

Online Insurance Marketplace is an online provider of life, home, health, and auto insurance quotes. It is unique in that this website does not simply stick to one kind of insurance carrier, but brings the clients the best deals from many different online insurance carriers. This way, clients have offers from multiple carriers all in one place, this website. On this site, the client will have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

For more information, check out this site.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb20yeartermlifeinsurance/termlifeinsurancequotes/prweb9635787.htm

Home Insurance Search Volumes Down 22 Per Cent - MarketWatch (press release)

LONDON, UNITED KINGDOM, Jun 29, 2012 (MARKETWIRE via COMTEX) -- The number of internet searches for insurance products in April dropped 11 per cent on January's volume. And despite the extreme weather, home insurance, saw the biggest dip, reveals a report by leading independent digital marketing agency, Greenlight.

According to Greenlight's 'Insurance Sector Report - Issue 12', which profiles consumer online search behaviour in this sector, there were 1.6 million insurance-related searches on Google UK in April compared to January's 1.9 million.

Home insurance-related queries, which totalled 187,144 searches, saw the largest drop. They were 22 per cent down on January's 240,476. However, with more than 40 flood warnings in place across the UK, homeowners are being warned about the future of their insurance. This together with premiums expected to rise could well fuel searches.

It was a similar story for car insurance. April's search volumes were down 13 per cent on January's 1.1 million.

However, the picture was different for travel insurance. Search volumes held up and remained at the 482,000 mark.

Other key findings from Greenlight's report revealed that:

- Searches for car insurance-related keywords were the most popular, accounting for 61% of all insurance searches

- Queried 450,000 times and accounting for a 26 per cent share of all insurance searches, the term 'car insurance' was the most popular

- MoneySupermarket was the most visible website in the natural search(i) listings, achieving an 89 per cent share of voice

- GoCompare was the most visible advertiser in the paid media(ii) space with a 56 per cent share of voice

- Money Saving Expert ranked at the top of Greenlight's social media league table.

Notes to Editors:

(i)Natural /organic Search - Listings in search engine results pages that appear because of their relevance to the search terms

(ii)Paid Media - an Internet advertising model used on websites, in which advertisers pay their host only when their ad is clicked. With search engines, advertisers typically bid on keyword phrases relevant to their target market.

Greenlight's 'Insurance Sector Report - Issue 12' report, profiles search behaviour in this sector. It assesses which brands, websites and review sites are the most visible in natural, paid media results and social media and hence have the greatest share of consideration when UK-based searchers go to Google UK to look for home, travel and car insurance.

About Greenlight:

Greenlight is a leading independent digital marketing agency, providing Search and Social Media services. With over 100 blue-chip clients including Santander, New Look, Sky and ghd, Greenlight is a leader in the digital marketing space, and is recognized worldwide for its commitment to delivering record ROI for its clients and investing in the future.

Greenlight is considered the premier thought leader in the sector, publishing widely read industry reports, original research and speaking at trade events. Founded in 2001, Greenlight is headquartered in London, with offices in New York. www.greenlightdigital.com

                        Contacts:          To arrange an interview or for          further information about this report contact:          Greenlight          Krishna Rao          +44 (20) 3326 6232          krishna.rao@greenlightdigital.com                                    

SOURCE: Greenlight

              mailto:krishna.rao@greenlightdigital.com                

Copyright 2012 Marketwire, Inc., All rights reserved.

0745-Americans must have car and home insurance so why not health insurance? - MobileTribune.com (blog)

Some conservatives are today lamenting the death of America and the end of the Constitution, but others think perhaps they are simply drama queens. They point a glaring finger at Justice John Roberts, forgetting he is a judge who considers each case on its own merits. Certainly, if in good conscious Stevens could have sided with the rest of the conservative bloc, he would have, but apparently Roberts wants to keep his good conscious. The Obama health care law, for all its pages, is really very simple. All Americans deserve access to affordable health care, regardless of their current health status, and those who can afford it must get health insurance by 2014. 

What is so complicated about that?  In most states all car owners must have insurance. When you buy a new home using a mortgage you must get home insurance. It's uncanny that some conservatives are shocked Americans will now have to get health insurance, either through an employer or on their own. 

The conservative argument that the federal government will be subsidizing health care for poor lazy citizens is laughable. Individuals will have to pay for their own insurance, and for those who are truly poor or disabled, the government will assist them as it always has - to some degree. Because there are people who take advantage of the government, does this mean the remaining millions of lower and middle-class working Americans should be punished for it and be denied access to health insurance?  No it does not, and Americans today and perhaps decades into the future have one man to thank for ObamaCare. Ironically, it's not liberal Barack Obama - it's conservative Supreme Court Justice John Roberts. - Preston Brady III, MobileTribune.com 

Health reform survives test Insurance mandate, Medicaid cause disagreement - The News Journal

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Thursday, June 28, 2012

Home insurance: what you can't claim for - Aol Money

State Farm seeking 15 percent home insurance rate increase in Florida - TCPalm

State Farm, Florida's third largest home insurer, is requesting a 15 percent statewide average rate hike due to changes it wants to make on home insurance discounts and deductibles.

The changes include increasing or reinstating some discounts but overall, they are projected to increase rates by a statewide average of 14 percent for homeowners policies, 49 percent for renters and 27 percent for condominium unit owners.

The proposed increase comes after State Farm received rate increases the past 2.5 years of 28 percent, 14 percent, 7 percent, 19 percent and 2 percent, according to the insurer's proposal to regulators.

The Office of Insurance Regulation allowed State Farm Florida to shed 125,000 policies in recent years, which led the insurer to lose its spot as the largest private insurer of homes in Florida. It is the second largest, with 466,797 home insurance policies, including 66,960 in Broward, Palm Beach and Miami-Dade counties. Universal Property & Casualty Insurance in Fort Lauderdale is the largest after state-backed Citizens Property Insurance.

A popular discount that would be reinstated under State Farm's rate proposal is the home and automobile discount, which gives eligible policyholders a 10 percent discount on the non-hurricane portion of their homeowners insurance premiums if they also have an auto policy with the insurer.

"That's a positive option for customers," said State Farm Spokeswoman Michal Connolly. "All of these changes are to better reflect what's appropriate for that discount or option."

The actual rate increase will depend on what discounts homeowners qualify for and what deductibles they choose. For instance, the 14 percent increase for homeowners premiums would work out to be a 3 percent increase if all affected policyholders chose higher deductibles, according to State Farm's proposal.

Increases for individual policyholders can vary greatly from the statewide average. After regulators approved a 19 percent statewide rate hike for State Farm last year, some South Floridians reported triple-digit increases.

State Farm said in its proposal that it needs the increase because its "financial position has deteriorated significantly over the past several years."

It reports its claims-paying reserves decreased to $368 million last year from $822 million at the end of 2007. It had an underwriting loss, when premiums don't keep pace with claims and other costs, of 4 percent last year. The loss was 31 percent in 2010, 94 percent in 2009 and 32 percent in 2008.

The Office of Insurance Regulation will hold a rate hearing on State Farm's request on July 25.

Protect your home value? Now he tells us - MarketWatch

DENVER (MarketWatch) — Scott Ryles is offering insurance to protect whatever value you may have left in your home.

He is chief executive of Home Value Protection Inc., a new company hawking this new form of insurance.

I caught up with Ryles at the National Association of Real Estate Editors' conference last week, where he offered a gloomy housing market forecast.

It's funny. You talk to a guy who sells houses for a living and you might hear about how there's never been a better time to buy a home. You talk to a guy who sells home value insurance and you'll hear a lot of reasons why the market may have a lot farther to fall.

"We don't think we can predict home prices," Ryles told me after his presentation. "The question is, can you afford to be trapped in your home?"

Ryles's company offers a way out with policies that run for up to 10 years. It's a bet for those who know they will have to move within 10 years, or at least see moving as a possibility.

"Half of all moves are unplanned," he said. "Death, disability and divorce."

Policies cost about $25 a month for every $100,000 worth of home value. They pay when a homeowner a) sells, b) realizes a loss, and c) the oft-cited Case-Shiller home index is down in their geographic area. For more details see the company site.

"This is not about money," Ryles said. "Your home is the means by which you finance your next home, or an education or your end-of-life care."

So far, Home Value Protection is the only company that protects this nest egg. The company was founded in 2009 but did not start writing policies until October. Since then, it has only written policies on about $50 million worth of home value, Ryles said, and it has only rolled out its coverage in Arizona, Georgia, Indiana, Oklahoma and Ohio. It hopes to roll out nationwide, but must seek regulatory approval state by state.

The company is so new it has yet to pay a claim. But Ryles is looking forward to paying one soon. "If we don't pay losses, no one is going to pay for our product," he said.

Ryles is a former Merrill Lynch investment banker who was recruited to work for Kleiner Perkins Caufield & Byers in 1999. The venture firm and its investors are financing Home Value Protection. It will be interesting to watch this idea evolve as Europe collapses and the U.S. economic recovery stalls.

Does Kleiner Perkins really believe it has pegged the bottom of the housing market? Or is it like the Geico Gecko, who has a pretty good handle on the number of insured cars that will crash, and collects premiums accordingly?

"The best case for us is volatility," Ryles said, "which is what we think is the most likely scenario."

Funny how he comes up with this now that our home value is gone. A recent report from the Federal Reserve showed U.S. households lost nearly 40% of their net worth between 2007 and 2010. And other reports show about 30% of Americans with mortgages owe more on their homes than they are worth. Can it really get any worse?

Nobody imagined the need for insuring home values in the boom. And nobody wanted to do it just after the bust. So maybe we are in between extremes. "Two years ago, people were scared to death to try this," Ryles said. "And now, if we do well, we're going to have competition."

For now, Ryles said his phones are ringing: "The most common call we get is, "Will you insure my house for what it was worth in 2006?" And we say, "No." And that's usually followed by, "Click!'"

House to Add Student Loans, Flood Insurance in Highway Bill - San Francisco Chronicle

(Updates with timing of possible vote in second paragraph.)

June 27 (Bloomberg) -- U.S. House and Senate negotiators are finalizing agreements to combine a multiyear highway bill with a one-year freeze on government subsidized student loan interest rates and a reauthorization of flood insurance programs.

The catch-all measure probably will be unveiled tonight in the House. Under House rules, that could set up a vote as soon as June 29, the last day before lawmakers leave for their weeklong July 4th recess.

"We are moving, I think, toward an agreement on a transportation bill that will also include a one-year fix on the student loan rate" that otherwise would double on July 1, House Speaker John Boehner, an Ohio Republican, said in Washington today.

Lawmakers are working to pass the combined measure in both chambers and send it to President Barack Obama for his signature before the end of the week.

The highway portion of the proposal will reduce the number of projects funded and "streamline the regulatory process," Boehner said. He said the measure allows "us to focus our highway dollars on fixing America's highways, not planting more flowers around the country."

Representative John Mica, a Florida Republican and chairman of the House Transportation and Infrastructure Committee, said today in a statement that a tentative agreement had been reached that would authorize funding for highway programs through Sept. 30, 2014.

Flood Insurance

In addition to the highway measure and the student loan rate freeze, the bill the House will file probably will include a reauthorization of the National Flood Insurance Program, a Senate Democratic aide said today. Flood insurance programs expire at the end of July.

Senate consideration of legislation extending flood insurance programs through 2016 has been slowed because Senator Rand Paul, a Kentucky Republican, is insisting on a vote on an unrelated proposal specifying that human life begins at conception.

Also, the Senate's leading Republican negotiator on the highway measure, Jim Inhofe of Oklahoma, confirmed that provisions to press for approval of the Keystone XL pipeline and to limit the Environmental Protection Agency from regulating coal-ash waste wouldn't be in the final measure. Inhofe said the bill would be filed tonight.

Coal Ash

Inhofe said he didn't anticipate that the absence of the Keystone and coal-ash provisions would hurt Senate Republican support for the bill. "Keystone and coal ash are really sort of one-shot deals," Inhofe told reporters.

Representative James Lankford, an Oklahoma Republican on the Transportation panel, said today that he couldn't see a situation in which House leaders would separate student loans from the highway measure. Still, to gain support from Republicans, the measure must be finished in time for lawmakers to review.

"We have to get everybody the final text. We've talked generalities of all the things, but we got to get all the specifics," Lankford told reporters.

Unless Congress acts, student loan interest rates will double to 6.8 percent on July 1. Current funding for highway programs expires at the end of June.

'Loose Ends'

Mica said the elements under his panel's jurisdiction are settled, including streamlining environmental reviews.

"Loose ends are being tied together," Mica said. "The outstanding items, we are ticking them off one at a time."

House Republican leaders told members to "be prepared to vote" this week on a highway measure, Oklahoma Representative Tom Cole said as he left the caucus.

Cole said Boehner "has always been anxious to get a good deal" and won't ask the House to vote on something without "serious reforms in it."

"We're very close to having everything done, but until we get everything done, nothing is done," Majority Leader Harry Reid told reporters yesterday. The agreement would include three offsets, which would cover the $5.9 billion cost of the student loan rate freeze and also may help pay for the highway bill, said Senate Republican and Democratic aides, who requested anonymity to discuss the non-public agreement.

They are higher fees payable to the Pension Benefit Guaranty Corp., changes to corporate pension funding requirements to reduce payments and increase taxable income, and a six-year limit on loan subsidies for part-time students.

Trust Fund

The Senate on March 14 passed a two-year, $109 billion highway bill by a vote of 74-22. The House has been unable to pass a multiyear highway bill, instead opting to go straight to negotiations with the Senate over a compromise measure.

The Highway Trust Fund, which enables the federal government to pay for state road, bridge and mass transit projects, may run out of money if Congress can't agree on long- term legislation and resorts, as it has nine times already, to a temporary extension of current law.

Without a long-term bill or extension, U.S. authority to collect the 18.4-cents-a-gallon gasoline tax and spend on highways and transit will run out June 30, cutting off money to states for programs funded by the Highway Trust Fund such as safety and repairs. Thousands of construction and government workers probably would be idled.

Lawmakers were pushing for a measure that extends highway funding through September 2013, Representative Bill Shuster, a Pennsylvania Republican, said yesterday. That's about the time frame of the measure the Senate passed in March. After efforts to pass a long-term bill fell apart, the House passed an extension of current law April 18 to push discussions to a conference committee.

"We've got to wait and see what the money is," Shuster said as talks continued. "The money is going to be the thing that drives that."

--With assistance from James Rowley and Jeff Plungis in Washington. Editors: Jodi Schneider, Michael Shepard

To contact the reporters on this story: Roxana Tiron in Washington at rtiron@bloomberg.net; Kathleen Hunter in Washington at khunter9@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net


Wednesday, June 27, 2012

State Farm seeking 15 percent home insurance rate increase in ... - TCPalm

State Farm, Florida's third largest home insurer, is requesting a 15 percent statewide average rate hike due to changes it wants to make on home insurance discounts and deductibles.

The changes include increasing or reinstating some discounts but overall, they are projected to increase rates by a statewide average of 14 percent for homeowners policies, 49 percent for renters and 27 percent for condominium unit owners.

The proposed increase comes after State Farm received rate increases the past 2.5 years of 28 percent, 14 percent, 7 percent, 19 percent and 2 percent, according to the insurer's proposal to regulators.

The Office of Insurance Regulation allowed State Farm Florida to shed 125,000 policies in recent years, which led the insurer to lose its spot as the largest private insurer of homes in Florida. It is the second largest, with 466,797 home insurance policies, including 66,960 in Broward, Palm Beach and Miami-Dade counties. Universal Property & Casualty Insurance in Fort Lauderdale is the largest after state-backed Citizens Property Insurance.

A popular discount that would be reinstated under State Farm's rate proposal is the home and automobile discount, which gives eligible policyholders a 10 percent discount on the non-hurricane portion of their homeowners insurance premiums if they also have an auto policy with the insurer.

"That's a positive option for customers," said State Farm Spokeswoman Michal Connolly. "All of these changes are to better reflect what's appropriate for that discount or option."

The actual rate increase will depend on what discounts homeowners qualify for and what deductibles they choose. For instance, the 14 percent increase for homeowners premiums would work out to be a 3 percent increase if all affected policyholders chose higher deductibles, according to State Farm's proposal.

Increases for individual policyholders can vary greatly from the statewide average. After regulators approved a 19 percent statewide rate hike for State Farm last year, some South Floridians reported triple-digit increases.

State Farm said in its proposal that it needs the increase because its "financial position has deteriorated significantly over the past several years."

It reports its claims-paying reserves decreased to $368 million last year from $822 million at the end of 2007. It had an underwriting loss, when premiums don't keep pace with claims and other costs, of 4 percent last year. The loss was 31 percent in 2010, 94 percent in 2009 and 32 percent in 2008.

The Office of Insurance Regulation will hold a rate hearing on State Farm's request on July 25.

State Farm requests sixth rate hike in 2.5 years - Orlando Sentinel

By Julie Patel, Staff Writer
12:14 p.m. EST, June 27, 2012

State Farm, Florida's third-largest home insurer, is requesting a 15 percent statewide-average rate hike because of changes it wants to make to its home-insurance discounts and deductibles.

The changes include increasing or reinstating some discounts on policies, but overall, the request is projected to increase rates by a statewide average of 14 percent for homeowners, 49 percent for renters and 27 percent for condominium-unit owners.

In the past two-and-a-half years, State Farm received rate increases of 28 percent, 14 percent, 7 percent, 19 percent and 2 percent, according to the insurer's proposal to state regulators.

The state Office of Insurance Regulation has allowed State Farm Florida to shed 125,000 policies in recent years, which led the insurer to lose its spot as the largest private insurer of homes in Florida. It is the third-largest, with 466,797 home insurance policies; Universal Property & Casualty Insurance of Fort Lauderdale is the second-largest, trailing only the state-supported Citizens Property Insurance Corp.

A popular discount that would be reinstated under State Farm's rate proposal is the home and automobile discount, which gives eligible policyholders a 10 percent discount on the non-hurricane portion of their homeowners insurance premiums if they also have an auto policy with the insurer.

"That's a positive option for customers," said State Farm Spokeswoman Michal Connolly. "All of these changes are to better reflect what's appropriate for that discount or option."

The actual rate increase will depend on what discounts homeowners qualify for and what deductibles they choose. For instance, the 14 percent increase for homeowners premiums would work out to be a 3 percent increase if all affected policyholders chose higher deductibles, according to State Farm's proposal.

Increases for individual policyholders can vary greatly from the statewide average. After regulators approved a 19 percent statewide rate hike for State Farm last year, some South Floridians reported triple-digit increases.

State Farm said in its proposal that it needs the increase because its "financial position has deteriorated significantly over the past several years."

It reports its claims-paying reserves decreased to $368 million last year from $822 million at the end of 2007. It had an underwriting loss, when premiums don't keep pace with claims and other costs, of 4 percent last year. The loss was 31 percent in 2010, 94 percent in 2009 and 32 percent in 2008.

The Office of Insurance Regulation will hold a rate hearing on State Farm's request on July 25.

jvpatel@tribune.com

Homeowners' insurance rate may rise due to new ruling - WALB-TV

ALBANY, GA -

You may have to pay more for homeowner's insurance after the Georgia Supreme court handed down a new ruling that makes insurers pay for repairs and now the diminished value of the property.

Insurance agents say the new ruling is murky and may leave homeowners on the hook for higher insurance rates.

Homeowner Elbert Cude is confused about why he may be paying more for his homeowner's insurance.

"The insurance company is going to give you the money and your house is going to be updated, so I don't understand why they want to issue another check," said Cude.

Let's say you own a home that's ten years old and one day there's a hail storm. Your roof is damaged and a couple of your windows are broken. When your insurance company comes and replaces that broken window or fixes that damaged roof, your home actually gains value. Therefore, there is no property value loss.

In that case, you probably wouldn't get one of those extra "diminishing value" checks, but even insurance agents say the new ruling has gray areas.

"So how do you add diminished value to something that's just been replaced better than what is was," said agent Dale Hodges.

Cude, who's already on a fixed income, says a rate increase would be devastating.

"It's going to hurt because they're just going to take more of my money and that doesn't make any sense at all," said Cude.

He says his already tight budget may get a little tighter.

Insurers say they will handle claims on a case by case basis to determine if a diminished value check will be written.

Copyright 2012 WALB.  All rights reserved.  

Tuesday, June 26, 2012

Home insurance: what you can't claim for - MSN Money UK

Home insurance: what you can't claim for

Home insurance: what you can't claim for

There are a lot of misunderstandings about what is covered for by a home insurance policy. Here are some of the main costs you can't claim for.

Home insurance will protect us against theft, storm, flood, fire and even, to varying degrees, against accidental damage. However, it does come with lots of exclusions.

You have to keep up with the upkeep

One of the main exclusions is maintenance. Any maintenance work is not covered by home insurance.

Legal & General recently found that one person in ten admits they don't understand what maintenance really means. Of those people who say they do understand it, apparently one in ten still misunderstand it in some circumstances. This means at least a fifth of us might be surprised to have a home insurance claim rejected.

One in five believes that we can claim on our insurance to check or replace roofing under any circumstances. This is not true. If a roof is suffering gradual wear and tear, perhaps due to frequent heavy rain, you have to pay to maintain the roof yourself.

On the other hand, if the roof is damaged in what's called a 'definable event', such as a fire or storm, you should then be able to make a claim to repair the roof.

What is a 'definable event'?

Ongoing damage must come from a definable event such as a storm or a flood in order to be able to make a successful claim on a home insurance policy.

Yet more than one in ten of us believes we can claim on our insurance to treat damp on an interior wall. However, you can't claim for condensation or rain penetration that builds up to a patch of damp. If, on the other hand, a major storm caused a leak, you could claim for the repairs.

Another example of a maintenance problem you can't claim for is fixing a leaking pipe. You might only be able to claim for that if you can show it was caused by ice, rather than lack of maintenance, but even then not always.

Some people also believe they can claim for a blocked drain, which is also usually a maintenance issue, and therefore not claimable.

Other exclusions

Those are the big exclusions that are most often misunderstood. There are other exclusions to be aware of:

  • You can't claim the full cost of repairs if you've not insured your home for the full amount. Let's say the full rebuild cost of your home is £100,000 and you've insured it for £75,000. If you want to claim for £10,000 of damage, your insurer will pay just £7,500, minus your excess.
  • You can't claim for faulty workmanship and mechanical breakdown.
  • You can't normally claim for damage to hedges, gates and fences, although you might be able to claim for damage to garden walls, provided the main building was damaged at the same time – and the damage comes from a single, identifiable event.
  • You might not be allowed to claim, or to recover the full costs, if you don't notify your insurer immediately when you notice damage from a claimable event.
  • Legal & General points out the need for renters to tell their landlords immediately when they notice a problem. If you leave it to get worse, it might not be covered by your landlord's insurance. If your tenancy contract states you must let the landlord know immediately and you haven't done so, you could theoretically be made to pay some of the costs.
  • You might not be able to claim if you've not informed your insurer about something important, such as the fact a tree is near your house. (Tree roots can damage the building and the tree itself can do so during a storm.)

To protect yourself from large repair bills and higher insurance premiums in future, you need a combination of regular inspection and maintenance repairs as soon as you see your home needs it – paid for by yourself.

You can get some tips on maintenance that will help prevent costly disasters on page 10 of the Association of British Insurers' Guide to Home Buildings and Contents Insurance.

More on home insurance

Compare home insurance policies and get the best deal for you

25 ways to cut your home insurance

The best home insurance companies for customer service

How to claim on your insurance after a flood

Save Up to $300 on Home Insurance Quotes at ... - Houston Chronicle

PropertyInsuranceCoverage.com has partnered with many home insurance providers across the United States to help homeowners save money on home insurance. Homeowners can use the website to find and compare home insurance quotes in a matter of seconds.

New York, NY (PRWEB) June 25, 2012

Homeowners in the United States can now use PropertyInsuranceCoverage.com to find, compare, and save money on home insurance quotes. PropertyInsuranceCoverage.com has partnered with many home insurance companies and now provides a nation-wide coverage on homeowners, condo, and renters insurance. "We work with many home insurance companies and independent brokers in the United States," said Eric, Senior Advisor of PropertyInsuranceCoverage.com. "We provide a nation-wide service coverage on property insurance in the United States."

"We aim to help consumers save money on property insurance by providing as much opportunities to compare as possible, so they can maximize their savings," Eric added.

According to the latest research from USA Census (source: census.gov), residents in the United States need home insurance. United States has a property crime rate of as high as 2.894%. USA Census reports for every 100,000 households, 2,894 of them suffer from property crime cases every single year. At an average value of real estate as high as $204,107.84, an average consumer only pays $757.51 on home insurance, and a lot less for renters. "It is logical to protect your real estate investment with affordable property insurance," Eric added. "We can help you find the best coverage at the lowest rate."

How does PropertyInsuranceCoverage.com work? "All we need is your ZIP code," said Eric. When a ZIP code is entered, the system automatically determines the location of the ZIP code, connects with eligible property insurance providers in the specific area, and then displays quotes from multiple companies on the screen. The entire process completes in a matter of seconds.

There is no cost to use PropertyInsuranceCoverage.com's services. "It doesn't hurt to compare," Eric continued. "Let us help you save money on homeowners, renters, or condo insurance." Find, compare, and save money on property insurance quotes today.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebproperty/insurance/prweb9640999.htm

Senate Bill Would Drive Up Flood-Insurance Premiums - Wall Street Journal

Vacation homes and commercial properties in flood-prone areas could see their flood-insurance premiums more than double over a four-year period under a bill poised to clear the Senate this week.

The measure, which was endorsed by the Obama administration Monday, is meant to shore up the finances of a federal program that provides mandatory flood insurance. The Congressional Budget Office estimates the bill would save $4.7 billion by 2021.

The government-run National Flood Insurance Program has borrowed nearly $18 billion from the Treasury Department to pay claims resulting from the hurricane season in 2005—a particularly bad year for flood losses. ...

Vacation homes and commercial properties in flood-prone areas could see their flood-insurance premiums more than double over a four-year period under a bill poised to clear the Senate this week.

The measure, which was endorsed by the Obama administration Monday, is meant to shore up the finances of a federal program that provides mandatory flood insurance. The Congressional Budget Office estimates the bill would save $4.7 billion by 2021.

The government-run National Flood Insurance Program has borrowed nearly $18 billion from the Treasury Department to pay claims resulting from the hurricane season in 2005—a particularly bad year for flood losses. ...

Save Up to $300 on Home Insurance Quotes at ... - PR Web (press release)

New York, NY (PRWEB) June 25, 2012

Homeowners in the United States can now use PropertyInsuranceCoverage.com to find, compare, and save money on home insurance quotes. PropertyInsuranceCoverage.com has partnered with many home insurance companies and now provides a nation-wide coverage on homeowners, condo, and renters insurance. "We work with many home insurance companies and independent brokers in the United States," said Eric, Senior Advisor of PropertyInsuranceCoverage.com. "We provide a nation-wide service coverage on property insurance in the United States."

"We aim to help consumers save money on property insurance by providing as much opportunities to compare as possible, so they can maximize their savings," Eric added.

According to the latest research from USA Census (source: census.gov), residents in the United States need home insurance. United States has a property crime rate of as high as 2.894%. USA Census reports for every 100,000 households, 2,894 of them suffer from property crime cases every single year. At an average value of real estate as high as $204,107.84, an average consumer only pays $757.51 on home insurance, and a lot less for renters. "It is logical to protect your real estate investment with affordable property insurance," Eric added. "We can help you find the best coverage at the lowest rate."

How does PropertyInsuranceCoverage.com work? "All we need is your ZIP code," said Eric. When a ZIP code is entered, the system automatically determines the location of the ZIP code, connects with eligible property insurance providers in the specific area, and then displays quotes from multiple companies on the screen. The entire process completes in a matter of seconds.

There is no cost to use PropertyInsuranceCoverage.com's services. "It doesn't hurt to compare," Eric continued. "Let us help you save money on homeowners, renters, or condo insurance." Find, compare, and save money on property insurance quotes today.


Monday, June 25, 2012

Health insurance debate hits home - The Newark Advocate

WASHINGTON -- The Patient Protection and Affordable Care Act, which became law in 2010, affects most major components of the U.S. health care system.

The U.S. Supreme Court is expected to issue a historic ruling before week's end that either will affirm or strike down the health care act in whole or in parts.

Here's a look at Ohio's role in the health insurance debate and the effect of the law on Buckeye residents.

» Ohio was one of the 26 states seeking to have the Affordable Care Act struck down by the courts through a lawsuit challenging its constitutionality.

» Sen. Sherrod Brown was one of the 58 Democrats and two Independents who voted in favor of the law. Then-Sen. George Voinovich was among the 39 Republicans voting "no." Sen. Rob Portman, who succeeded Voinovich, supports repealing the law. Cincinnati-area Reps. Steve Chabot, R-Westwood; Jean Schmidt, R-Miami Township; and John Boehner, R-West Chester, all support overturning the law.

» The Kasich administration has taken advantage of some provisions in the law, including initiatives to expand preventive, coordinated care. But it has resisted other elements, such as a requirement to set up a health insurance exchange, envisioned as a new one-stop marketplace for consumers to comparison shop for insurance.

» In November 2011, Ohio voters approved a ballot measure, by a vote of 67 percent to 33 percent, to exempt residents from various elements of the law, including the mandate requiring patients to buy insurance or face penalties.

How the law affects Ohioans:

Many of the major provisions in the health care law are not scheduled to begin until 2014. Other smaller, but popular, provisions already have kicked in. Here's a look at how some aspects of the bill that already have, or were expected to, affect Ohioans:

» Uninsured: About 14 percent (1.56 million) of Ohio residents don't have insurance. Under the law, some would become eligible for Medicaid and some would receive tax credits to help buy private insurance, starting in 2014. Others who don't qualify for assistance would have to buy insurance on their own or pay a penalty.

» Medicaid: The law's expansion of Medicaid, the joint federal-state health care program for the poor, is expected to increase Ohio's enrollment by almost 32 percent, compared to a 27 percent jump nationally, according to an analysis by the Urban Institute. That would reduce the number of uninsured adults in Ohio by 50 percent. Federal dollars flowing to Ohio for Medicaid recipients would increase 19.2 percent over the first five years, and state spending would increase 1.6 percent, the Urban Institute report shows.

» State-based exchange: Ohio and other states have until Jan. 1 to create an online insurance marketplace that is fully operational in 2014. Otherwise, the federal government will run it. Ohio received a $1 million federal exchange planning grant in 2010, but the state has yet to apply for additional funds to establish the exchange. Although Democrats in the state Legislature have pushed proposals to create a state-run exchange, Lt. Gov. Mary Taylor, who also is the state's insurance commissioner, has opposed those efforts and has called federal health reform a "catastrophic law."

» Insurance rebates: Ohio businesses and consumers will get an estimated $11.3 million in rebates this year from health insurers who spent more on administrative expenses and profits than allowed under the law. More than 143,000 Ohioans are expected to get rebates, with the average check per family estimated at $139, according to the Department of Health and Human Services.

» Young adults: Young adults up to age 26 can stay on their parents' insurance plans. As of June 2011, about 82,000 young adults in Ohio had gained coverage under this provision, according to HHS.

» Preventive care: The law requires health insurers to cover preventive services, such as flu shots and mammograms, without co-pays or other cost sharing. HHS said about 1.2 million seniors on Medicare received free preventive care in 2011, and 2.1 million Ohioans with private insurance now have access to free preventive care.

» Prescription drug coverage for Medicare recipients: Medicare sent $250 rebates to the 148,238 Ohioans who hit the Medicare prescription drug coverage gap known as the "doughnut hole" in 2010. In 2011, 185,014 seniors received a discount averaging $512 per person for brand-name drugs bought after they hit the coverage gap.

» Tax credits for small businesses: Businesses with fewer than 25 full-time workers and average wages of less than $50,000 can get tax credits to help pay for providing health insurance. An estimated 70 percent of Ohio small businesses were eligible for the credits in 2011, according to Families USA.

» Funding: So far, Ohio has received $197.5 million in federal funds under health reform for everything from public health programs, community health centers and educational and training programs.

Health insurance debate hits home - Lancaster Eagle Gazette

WASHINGTON -- The Patient Protection and Affordable Care Act, which became law in 2010, affects most major components of the U.S. health care system.

The U.S. Supreme Court is expected to issue a historic ruling before week's end that either will affirm or strike down the health care act in whole or in parts.

Here's a look at Ohio's role in the health insurance debate and the effect of the law on Buckeye residents.

» Ohio was one of the 26 states seeking to have the Affordable Care Act struck down by the courts through a lawsuit challenging its constitutionality.

» Sen. Sherrod Brown was one of the 58 Democrats and two Independents who voted in favor of the law. Then-Sen. George Voinovich was among the 39 Republicans voting "no." Sen. Rob Portman, who succeeded Voinovich, supports repealing the law. Cincinnati-area Reps. Steve Chabot, R-Westwood; Jean Schmidt, R-Miami Township; and John Boehner, R-West Chester, all support overturning the law.

» The Kasich administration has taken advantage of some provisions in the law, including initiatives to expand preventive, coordinated care. But it has resisted other elements, such as a requirement to set up a health insurance exchange, envisioned as a new one-stop marketplace for consumers to comparison shop for insurance.

» In November 2011, Ohio voters approved a ballot measure, by a vote of 67 percent to 33 percent, to exempt residents from various elements of the law, including the mandate requiring patients to buy insurance or face penalties.

How the law affects Ohioans:

Many of the major provisions in the health care law are not scheduled to begin until 2014. Other smaller, but popular, provisions already have kicked in. Here's a look at how some aspects of the bill that already have, or were expected to, affect Ohioans:

» Uninsured: About 14 percent (1.56 million) of Ohio residents don't have insurance. Under the law, some would become eligible for Medicaid and some would receive tax credits to help buy private insurance, starting in 2014. Others who don't qualify for assistance would have to buy insurance on their own or pay a penalty.

» Medicaid: The law's expansion of Medicaid, the joint federal-state health care program for the poor, is expected to increase Ohio's enrollment by almost 32 percent, compared to a 27 percent jump nationally, according to an analysis by the Urban Institute. That would reduce the number of uninsured adults in Ohio by 50 percent. Federal dollars flowing to Ohio for Medicaid recipients would increase 19.2 percent over the first five years, and state spending would increase 1.6 percent, the Urban Institute report shows.

» State-based exchange: Ohio and other states have until Jan. 1 to create an online insurance marketplace that is fully operational in 2014. Otherwise, the federal government will run it. Ohio received a $1 million federal exchange planning grant in 2010, but the state has yet to apply for additional funds to establish the exchange. Although Democrats in the state Legislature have pushed proposals to create a state-run exchange, Lt. Gov. Mary Taylor, who also is the state's insurance commissioner, has opposed those efforts and has called federal health reform a "catastrophic law."

» Insurance rebates: Ohio businesses and consumers will get an estimated $11.3 million in rebates this year from health insurers who spent more on administrative expenses and profits than allowed under the law. More than 143,000 Ohioans are expected to get rebates, with the average check per family estimated at $139, according to the Department of Health and Human Services.

» Young adults: Young adults up to age 26 can stay on their parents' insurance plans. As of June 2011, about 82,000 young adults in Ohio had gained coverage under this provision, according to HHS.

» Preventive care: The law requires health insurers to cover preventive services, such as flu shots and mammograms, without co-pays or other cost sharing. HHS said about 1.2 million seniors on Medicare received free preventive care in 2011, and 2.1 million Ohioans with private insurance now have access to free preventive care.

» Prescription drug coverage for Medicare recipients: Medicare sent $250 rebates to the 148,238 Ohioans who hit the Medicare prescription drug coverage gap known as the "doughnut hole" in 2010. In 2011, 185,014 seniors received a discount averaging $512 per person for brand-name drugs bought after they hit the coverage gap.

» Tax credits for small businesses: Businesses with fewer than 25 full-time workers and average wages of less than $50,000 can get tax credits to help pay for providing health insurance. An estimated 70 percent of Ohio small businesses were eligible for the credits in 2011, according to Families USA.

» Funding: So far, Ohio has received $197.5 million in federal funds under health reform for everything from public health programs, community health centers and educational and training programs.

Ruling 'a big deal for homeowners' - Atlanta Journal Constitution

The Atlanta Journal Constitution

A Georgia Supreme Court ruling is shaking up the way insurance payments for damaged real estate are doled out, and it could have big consequences for homeowners across the state.

The court's ruling found that home or building owners can now get special "diminution of value" payments when their buildings are damaged. That means insurers now must not only pay for repairs when a home or business is damaged, but they could also have to pay for the diminished value of that property.

The decision, a major shift in long-standing Georgia law, could mean far greater protections for property owners.

Insurance companies have warned it could force them to hike rates, and the firm involved in the case asked the court to reconsider its unanimous decision.

"This is a big deal for homeowners," said former Insurance Commissioner John Oxendine, who supported the rule change. "It's a major sweeping case that's going to give a lot more rights to the insurance consumer. It's one of the biggest cases for consumers that's come down in years."

It works like this: A homeowner whose foundation was damaged by a storm may get money to repair the house, but the home's value could still plummet because owners have to explain its troubled past to potential buyers.

Georgia's law has long held car insurers responsible under this rule. Owners of vehicles involved in a collision not only get money to repair their car but also funds to cover the lost value. But the court's ruling in May applied this to commercial and residential real estate for the first time.

Attorneys say the decision took effect immediately, but the court has already been asked to reconsider its ruling, leaving it unclear when policyholders might benefit from the change.

It could mean big bucks for some homeowners. Each situation is evaluated on a case-by-case basis, but some property owners who have had water damage from a burst pipe or other severe problems could be eligible for these types of payments under the new ruling.

For cars, insurance companies have established a rough guideline of between 10 percent and 15 percent of the vehicle's value for those damaged in the accident, some attorneys said.

"When an insurance company agrees to pay for your loss, you now have the right to be made whole for your entire loss," said Alan Lubel, one of the attorneys who argued the case on behalf of a property owner. "To be made whole can involve not just repairing your property, but also paying for the loss to the property."

The ruling stems from the construction of The Streets of Buckhead development. David Davoudpour, a restaurant chain owner and investor, claimed in 2008 that the severe shaking and vibration on the development site caused structural damage and cracked the foundation of his company's eight-story property next door, leading to other problems.

His company, Royal Capital Development, received about $1.1 million from his insurer, Maryland Casualty, to cover the damage. But Royal Capital filed a lawsuit seeking up to an additional $5.6 million to make up for the lost property value.

After a legal tug of war that went up to the federal appeals court, Georgia's highest court weighed in with its unanimous opinion.

The opinion, written by Justice Hugh Thompson, said there was "no reason to limit" these types of payments to automobile policies. It said the law is designed to "place an injured party, as nearly as possible, in the same position they would have been if the injury had never occurred."

Oxendine, who was Georgia's insurance commissioner at the time of the lawsuit, issued a directive to insurers in April 2010 urging them to consider diminution or face disciplinary action.

"In some cases, even with repair of the property, it is possible that the property may be worth less after the loss than it was prior to the loss," the directive said.

Experts said many insurance companies didn't follow the directive, which was rescinded in January 2011 after Ralph Hudgens became insurance commissioner. His spokesman, Glenn Allen, said the decision has led to a "great deal of uncertainty" among insurers about its implication and could ultimately lead to higher rates.

Maryland Casualty wants the court to reconsider its opinion. Attorney Randy Evans said in a court filing that the nine-page ruling failed to resolve the dispute, and he asked the justices to decide whether the new policy should apply to all property insurance policies or on a case-by-case basis.

Insurance industry executives aren't quite sure about the impact of the case, if only because Evans' motion is still pending.

Some say the diminution concept is flawed because new repairs to a damaged home, such as a new roof, actually increase the home's value without an extra payment.

"We're just waiting to see how the court determines it," said David Colmans, the executive director of the Georgia Insurance Information Service, an industry group. "We don't really know at this point which way it will go, so we can't understand what that downstream issue is going to be."

Although insurers have said these payments could lead to rate hikes, some experts said they doubt it will change the way rates are assessed.

"The key is insurance companies now have to make people whole," Oxendine said. "Now people have the certainty of knowing when they buy an insurance policy, they're going to be made whole."

What the court ruling means to you

- It could mean far greater protections for property owners. Insurers could have to pay for the diminished value of a property as well as pay for repairs when a home or business is damaged.

- Each situation is evaluated on a case-by-case basis.

- Insurance companies warn that such a rule will force them to raise insurance rates.

The weird world of insurance wind pools, and South Carolina's ... - Charleston Post Courier (blog)

Every year, about 47,000 property owners on the coast of South Carolina pay millions of dollars to a special insurance organization that funnels nearly all of this money to a group of super-wealthy companies in Bermuda, Switzerland and other far-flung locales.

Welcome to the Byzantine world of the "wind pools," where rates are set high on purpose and insurers spend millions to insure themselves.

Most coastal states have wind pools — government-chartered nonprofits that insure high-risk homes and buildings no private insurance company wants to cover.

And some have become massive enterprises. Florida's wind pool, Citizens Property Insurance Corp., insures 1.4 million properties and collects $3 billion in premiums a year.

South Carolina's smaller iteration is the S.C. Wind and Hail Association, which every year collects nearly $100 million in premiums from 46,000 homeowners and 1,000 commercial property owners in two zones near the water.

In Charleston County alone, it insures about 10,000 properties valued at $4 billion. On average, owners shell out about $2,040 for coverage against wind and hail damage. That doesn't include coverage for fires and flooding, which requires separate polices.

"I'm paying almost $5,000 for all my insurance now," said George L. Williams, a retired veteran from the Isle of Palms whose home is in one of the wind pool zones. "Really and truly, I would like someone to explain what's going on with the money."

Some consumer advocates say wind pools reflect a troubling trend: Private insurance companies are shifting high-risk properties to these groups and keeping "the safest risks for themselves," a report by the Consumer Federation of America said this year.

"It is akin to solving the health insurance crisis by requiring states to cover sick or terminally ill patients, while the private sector writes coverage for young and healthy consumers," the report said.

Others say wind pools have helped prevent real-estate meltdowns in hurricane-prone areas by giving homeowners another option to buy wind hazard insurance, even though it's expensive.

What is clear is that as private companies such as Allstate and State Farm pull out of areas near the ocean, wind pools have emerged as significant players in coastal states such as South Carolina, even though, as Rick Amick, chief financial officer of the S.C. Wind and Hail Association, said, "We like to fly under the radar."

What are wind pools?
The wind pool's roots stretch back to a double-whammy of fear during the 1960s.

After inner-city riots, insurers grew nervous about covering homes in urban areas. States responded by creating FAIR plans, short for "fair access to insurance requirements," to cover properties that private insurance companies dropped.

At the same time, insurance companies grew anxious about their potential losses in a hurricane strike. The federal government responded by creating the National Flood Insurance Program in 1968; states followed by forming wind pools.

In 1971, South Carolina lawmakers ordered insurers to set up the S.C. Wind and Hail Association. Only people in specially designated zones near the ocean are eligible for wind pool coverage.

Though created by state statute, the association is run by the insurance industry, including many insurers that are canceling policies. The association's board comprises 11 insurance company officials, two insurance agents and four consumer representatives.

The association is funded by the premiums it collects from property owners. Much of the legwork with customers is done by traditional insurance agents who last year received $9 million in commissions from the association.

Unlike the federal flood insurance program, the South Carolina wind pool receives no money from taxpayers. In the event of a catastrophe, taxpayers wouldn't be on the hook for claims.

Its small staff works out of an office in Columbia, and one of its main goals is to provide insurance rates that are so high they don't compete with traditional insurance companies like State Farm and Allstate.

"We don't want to push companies out of the market, but we do want to be a safety net," said Smitty Harrison, the longtime head of the association. "It's a bizarre business model. We want our competition to take our business."

Although the wind pool collects $97 million a year from South Carolina property owners, it insures more than $17 billion in property. It has no reserve fund to speak of.

That presents the group with a major problem: If a catastrophic hurricane made a direct hit on Charleston or Myrtle Beach, the group would never have enough to cover losses, Harrison said. For this reason, the wind pool must go outside South Carolina to find ways to pay for a future catastrophe.

And it does this by taking out insurance policies of its own.

Masters of disaster
Insurance is about spreading risk, and it has a long tradition. Ancient traders increased their odds of getting materials to destinations by spreading cargoes among different ships and caravans.

Today, a relatively small group of wealthy reinsurance companies across the globe do something similar for insurance companies and groups such as the S.C. Wind and Hail Association. In South Carolina, of the roughly $97 million in premiums that were collected in 2011, about $85 million went toward reinsurance.

The world's 200 reinsurance companies have become global masters of disasters, taking in vast sums of money in Europe to help insurers in the United States pay for a devastating tornado strike in Oklahoma, or using billions of dollars from insurers in the United States to help pay for losses of a tsunami in Japan.

Every year, these companies collect more than $200 billion in premiums from insurance companies and wind pools.

And the insurance industry is quick to say we would be in trouble without them. After hurricanes Rita and Katrina in 2005, reinsurance companies sent billions of dollars to private insurance companies, which in turn paid homeowners with claims.

According to the reinsurance giant Swiss Re, reinsurance companies were responsible for paying 60 percent of those hurricanes' claims.

Ten reinsurance companies control three-quarters of the market. Munich Re is the largest with 15 percent, and it is expected to make $3.1 billion in profits this year. Because such a small number of companies are involved, some are concerned about the potential for price fixing.

A European Commission report in 2007 cited this possibility and noted that in some European countries, reinsurance companies may control half the market or more. "In other market sectors, such a concentration of market share would be likely to trigger a monopoly investigation."

Robert Hunter, a former insurance commissioner from Texas now with the Consumer Federation of America, said reinsurance companies in Florida were charging five times more than what their own actuaries said they needed.

In response, Florida has been building a hurricane catastrophe fund, now at $15 billion, a move that helped homeowners save $20 billion on their policies in recent years. But in South Carolina and many other states, wind pools are at the mercy of whatever the reinsurance industry decides to charge, he said.

Selling South Carolina
Every year, Harrison and other staff members with the S.C. Wind and Hail Association travel to reinsurance meetings in London, Bermuda and other reinsurance hot spots. The wind pool's job, Harrison said, is to sell these companies on the argument that South Carolina's coastal homeowners are worth covering and that the state's wind pool operates in a responsible way.

Harrison said their sales pitches have worked well over the years, even though the reinsurance industry tends to look at state wind pools as bad overall risks.

Of the 99 reinsurance entities the state works with, about 80 have decided to cover potential wind pool losses. That means the wind pool effectively spreads the risk of a devastating hurricane hit to 80 companies. Average premiums have risen only 14 percent since 2007.

David Marlett, chairman of Appalachian State University's Department of Finance, Banking and Insurance, has studied wind pools throughout the Southeast since 1998.

Other states have set up special catastrophe funds or systems to assess property owners and insurers after a storm. Both approaches have problems. A catastrophe fund could be wiped out quickly in a major storm, and when it comes to assessments, "you're basically asking people who have just had a major loss to pay more money," Marlett said.

Reinsurance may be expensive, but it takes care of the problem of covering high-risk properties, he said, adding that Harrison and his team have an excellent reputation in the industry.

"I'm comfortable saying that over that time period, the South Carolina wind pool has been one of the best, if not the best, managed residual market program in the country."

That's small comfort, however, to customers in wind pool zones who have seen their rates skyrocket — people like Susan and John Watkins.

Feelings of betrayal
The couple has lived off Camp Road on James Island for 37 years. In 1989 they stayed in their house during Hurricane Hugo and lost only 12 pine trees and a corner of their roof. They had insurance with State Farm then, and switched to S.C. Farm Bureau when they refinanced.

"In 2007, all of a sudden they dropped our wind and hail coverage," Susan Watkins said. "They said it was because of increased hurricanes and something called reinsurance." Like others who have been dropped, she felt betrayed.

"It's like they're really into risk avoidance instead of risk insurance." She called the Department of Insurance. "They were not very nice," she said. "All they told us was that we would have to get insurance from the wind pool."

Her last bill from the S.C. Wind and Hail Association was $3,200, and that didn't include coverage for floods and other hazards.

"It got to the point where it was ridiculous," she said. She and her husband recently found a private insurance company willing to write a policy for about $2,800. But the high rates are still tough to swallow for retirees. "It's just killing us, and being in the wind pool zone puts a stigma on us when we have to sell our property," she said.

'Market of last resort'
In a sense, though, their experience is a wind pool success story.

Staff members with the S.C. Wind and Hail Association want private insurance companies to take business away from them.

"We are truly trying to remain a market of last resort," Amick said. At the same time, they're trying not to create too heavy a burden for homeowners.

They acknowledge that setting rates is a bit of an art form. If the wind pool gets a huge influx of homeowners seeking policies, that usually means the group's rates are too low, said David Leadbitter, chief operating officer. If rates are too high, homeowners complain.

"No computer can figure this out, but if you screw it up, you know the effects immediately," he said.

One sign that the market has stabilized is that the number of policies has stayed around 47,000 for several years.

Black boxes and rates
The problem homeowners face is that rates are likely to continue going up because reinsurance companies are reassessing their vulnerabilities to disasters, Leadbitter and other experts say.

That's because insurance industry computer models are predicting higher losses.

The models, dubbed "black boxes" because of their secret algorithms, have their critics, including some who say they overstate the risks and make it easier for insurers and reinsurers to charge higher rates.

Karen Clark, the architect of the first catastrophe computer model, said she found new models have overestimated losses by as much as $53 billion.

A Post and Courier report this month found that South Carolina regulators have little knowledge about the inner-workings of these models and whether they properly assess risk in South Carolina. Other states have found major flaws in models when they looked at them.

Meanwhile, as South Carolina heads into the heart of another hurricane season, homeowners in coastal areas remain in precarious positions.

Their rates are subject to reinsurance giants oceans away; state lawmakers are doing little to support efforts to monitor the fairness of rates; and if their insurance company drops them they're left with what officials from the wind pool acknowledge is an unusual sales pitch: "We're not only expensive," Amick said. "But you get less coverage for your money."

Reach Tony Bartelme at 937-5554 and @tbartelme on Twitter.

Sunday, June 24, 2012

Five Homeowners Insurance Tips for First Time Buyers - Sacramento Bee

/PRNewswire/ -- A first time homeowner can find buying a new home exciting and overwhelming. When going over the insurance checklist using HomeownersInsurance.net, be sure to consider a complete policy that includes liability and personal property protection. When shopping for quotes, there are five areas that are especially important. Here are tips to get the best coverage at the most affordable price.

  1. Know the difference between the replacement cost and the market value. Depending on how much was originally paid for the property, the cost of rebuilding can be higher or lower than the market value. Rebuilding a home is usually cheaper than buying an existing structure unless the original property bought was a foreclosure in which case rebuilding might be more expensive. The key is to accurately determine the cost of rebuilding when finalizing the details on a homeowners insurance policy.
  2. Take a home inventory and determine the proper amount of personal property protection. Generally, policies cover 50-75% of the replacement value of the house. However, this may not be enough to cover certain valuables such as jewelry, fine art, collections, electronics and other expensive items. A separate rider may be needed and this should be discussed with an agent.
  3. Have enough liability protection. This protects a homeowner if they are sued for an injury that takes place on their property. Many policies will even cover a policyholder if an incident happened away from the house. Depending on their assets, some may want to consider an additional umbrella policy if they are worried about ever being sued for an amount in excess of what their coverage offers.
  4. Know what is not covered. Carefully study the exclusions section of the homeowners insurance policy. This is important to be aware of so additional coverage can be purchased. For instance, if one lives in an area prone to flooding, they may need to buy additional flood protection.
  5. Consider additionally living expenses if ever forced from the dwelling. If a house becomes unlivable due to a flood, earthquake, fire or other disasters, a family will need to pay for living accommodations, may need additional money for food and transportation, and other expenses. This coverage is "additional living expenses" (ALE) and is a benefit that is usually worth about 20% of the home's replacement value. Be aware of the benefits, limitations and exclusion.

When shopping for home insurance quotes, be sure to find a company that is financially stable and has a high customer satisfaction rating. Two resources to check these qualities are A.M. Best for financial strength ratings and J.D. Power and Associates for their annual customer service rankings.

HomeownersInsurance.net:

HomeownersInsurance.net provides a free service that connects homeowners with agents who offer free quotes. The homeowner can review rates and choose the policy that is right for their family. Shopping online for home insurance is the best way to compare prices and policies to find the most comprehensive and affordable choice. Take the first step in choosing the right carrier for your homeowners insurance by contacting HomeownersInsurance.net.

Contact:

Mark Orwell Media Relations Specialist HomeownersInsurance.net    admin@homeownersinsurance.net

This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.

SOURCE HomeownersInsurance.net

School insurance costs rise - Tbo.com

Homeowners aren't the only ones who have to worry about the rising cost of property insurance.

It's hitting the Pasco County School District, too.

The school board learned this week that the cost to cover the district for property damage caused by hurricanes, fires or other perils will be $3.6 million in the 2012-13 fiscal year, a 12 percent increase.

The policy also will provide less coverage, with the district assuming the risk for damage to portable classrooms, vehicles, buildings valued at less than $100,000, and what is termed "property in the open," which includes such items as signs, lights, basketball hoops and playgrounds.

"I guess we want to make sure our buses aren't all parked in the same spot in a storm," board Vice Chairwoman Cynthia Armstrong said wryly.

The cost of the insurance premium would have increased 24 percent if the district wanted to keep its coverage the same as last year.

Board member Allen Altman, who is on the district's insurance committee and is in the insurance business, said that "an entire spreadsheet of options" was considered before the final plan was brought to the board for approval Tuesday. "There were no good options," Altman said.

The final choice was a balance between being prudent about coverage, while saving money at the same time, he said.

Alan Florez, who handles the district's account with Public Risk Insurance Agency, said two major factors caused the premium increase. One dates to early 2011 when a new version of a wind-modeling tool went into effect that increased predicted losses from a hurricane. When the board renewed its policy in July 2011, not all insurers had accepted the new model, Florez said. Now they have.

Florez said insurance prices were affected by several disasters in the country and the world, such as tornadoes, Hurricane Irene, which swept up the U.S. East Coast in 2011, and last year's massive earthquake and tsunami in Japan.

Saturday, June 23, 2012

Launch of PropertyInsuranceCoverage.com will Help Consumers ... - Houston Chronicle

PropertyInsuranceCoverage.com has launched a new website to help consumers find, compare, and save money on property insurance. PropertyInsuranceCoverage.com partners with home insurance companies in the United States to provide competitive home insurance quotes.

New York, NY (PRWEB) June 22, 2012

Homeowners in the United States can now use PropertyInsuranceCoverage.com to find, compare, and save money on homeowners insurance, renters insurance, condo insurance, and many other types of property insurance coverage. "We work with many home insurance companies and independent brokers in the United States," said Eric, Senior Advisor of PropertyInsuranceCoverage.com. "We provide a nation-wide service coverage on property insurance in the United States."

We aim to help consumers save money on property insurance by providing as much opportunities to compare as possible, so they can maximize their savings.

Residents in the United States need property insurance. According to the latest research and data from USA Census (source: census.gov), there are over 131 million households in the United States. With an average home value of $204,107.84, an average homeowner pays only $757.51 a year on home insurance. USA Census also reports an average of 2,894 per 100,000 households suffer from property crime every single year (2.894% property crime rate). "It is logical to protect your real estate investment with affordable property insurance," Eric added. "We can help you find the best coverage at the lowest rate."

How does PropertyInsuranceCoverage.com work? "All we need is your ZIP code," said Eric. When a ZIP code is entered, the system automatically determines the location of the ZIP code, connects with eligible property insurance providers in the specific area, and then displays quotes from multiple companies on the screen. The entire process completes in a matter of seconds.

There is no cost to use PropertyInsuranceCoverage.com's services. "It doesn't hurt to compare," Eric continued. "Let us help you save money on homeowners, renters, or condo insurance." Find, compare, and save money on property insurance quotes today.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebproperty/insurance-coverage/prweb9634116.htm

Five Homeowners Insurance Tips for First Time Buyers - PR Newswire (press release)

CHICAGO, June 21, 2012 /PRNewswire/ -- A first time homeowner can find buying a new home exciting and overwhelming. When going over the insurance checklist using HomeownersInsurance.net, be sure to consider a complete policy that includes liability and personal property protection. When shopping for quotes, there are five areas that are especially important. Here are tips to get the best coverage at the most affordable price.

  1. Know the difference between the replacement cost and the market value. Depending on how much was originally paid for the property, the cost of rebuilding can be higher or lower than the market value. Rebuilding a home is usually cheaper than buying an existing structure unless the original property bought was a foreclosure in which case rebuilding might be more expensive. The key is to accurately determine the cost of rebuilding when finalizing the details on a homeowners insurance policy.
  2. Take a home inventory and determine the proper amount of personal property protection. Generally, policies cover 50-75% of the replacement value of the house. However, this may not be enough to cover certain valuables such as jewelry, fine art, collections, electronics and other expensive items. A separate rider may be needed and this should be discussed with an agent.
  3. Have enough liability protection. This protects a homeowner if they are sued for an injury that takes place on their property. Many policies will even cover a policyholder if an incident happened away from the house. Depending on their assets, some may want to consider an additional umbrella policy if they are worried about ever being sued for an amount in excess of what their coverage offers.
  4. Know what is not covered. Carefully study the exclusions section of the homeowners insurance policy. This is important to be aware of so additional coverage can be purchased. For instance, if one lives in an area prone to flooding, they may need to buy additional flood protection.
  5. Consider additionally living expenses if ever forced from the dwelling. If a house becomes unlivable due to a flood, earthquake, fire or other disasters, a family will need to pay for living accommodations, may need additional money for food and transportation, and other expenses. This coverage is "additional living expenses" (ALE) and is a benefit that is usually worth about 20% of the home's replacement value. Be aware of the benefits, limitations and exclusion.

When shopping for home insurance quotes, be sure to find a company that is financially stable and has a high customer satisfaction rating. Two resources to check these qualities are A.M. Best for financial strength ratings and J.D. Power and Associates for their annual customer service rankings.

HomeownersInsurance.net:

HomeownersInsurance.net provides a free service that connects homeowners with agents who offer free quotes. The homeowner can review rates and choose the policy that is right for their family. Shopping online for home insurance is the best way to compare prices and policies to find the most comprehensive and affordable choice. Take the first step in choosing the right carrier for your homeowners insurance by contacting HomeownersInsurance.net.

Contact:

Mark Orwell
Media Relations Specialist
HomeownersInsurance.net   
admin@homeownersinsurance.net

This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.

SOURCE HomeownersInsurance.net

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Insurance firm cancel man's home cover after hearing how he ... - Scottish Daily Record

Mohammed Hanif Image 1

A HERO who tackled a racist yob has told of his shock after an insurance firm cancelled his cover when they found out about the case.

Mohammed Hanif, 45, was taken to court after being charged with assaulting Thomas O'Dwyer, who abused him and threatened staff in a shop.

He pled guilty to pushing the lout and causing him to hit his head off a shelf but a sheriff told him he would be admonished later this year if he stayed out of trouble.

Now the dad-of-three has had his home insurance cancelled by Royal Sun Alliance after he confessed to the conviction.

Mohammed, of Holytown, Lanarkshire, said: "I had a leak which caused severe damage to the flooring and I phoned up the insurance company to make a claim.

"They originally told me they would cover me for the damage, so I thought everything would be fine.

"But then they asked if I'd had any convictions since I last renewed my insurance. I told them about the case.

"I then got a call saying not only would my claim be turned down but that they were cancelling my insurance altogether.

Mohammed, who faces a £1200 bill for the damage to his bathroom, added: "I couldn't believe it, it's an absolute joke. I was honest with them about my conviction and I told them I'm likely to be admonished when I go back to court but it didn't make any difference."

In February, Hamilton Sheriff Court heard how O'Dwyer had threatened Mohammed and called him a "black b******" at Shopsmart in Wishaw last April.

When he refused to leave, Mohammed, who lost his job over the incident, pushed the teen and he hurt his head.

But Sheriff Shiona Waldron said there had been "considerable provocation" and deferred sentence for six months for good behaviour.

O'Dwyer, 17, was sentenced to 80 hours' community service.

Mohammed later tackled two knife raiders on his first day in a new job at a shop in Airdrie.

He added: "The damage to the bathroom is going to cost me a small fortune to get fixed and I am only working part time.

"I've had a real run of bad luck."

Last night, a spokesman for Royal Sun Alliance said they were reviewing Mohammed's file after being informed about the background to the case.

Launch of PropertyInsuranceCoverage.com will Help Consumers ... - PR Web (press release)

New York, NY (PRWEB) June 22, 2012

Homeowners in the United States can now use PropertyInsuranceCoverage.com to find, compare, and save money on homeowners insurance, renters insurance, condo insurance, and many other types of property insurance coverage. "We work with many home insurance companies and independent brokers in the United States," said Eric, Senior Advisor of PropertyInsuranceCoverage.com. "We provide a nation-wide service coverage on property insurance in the United States."

We aim to help consumers save money on property insurance by providing as much opportunities to compare as possible, so they can maximize their savings.

Residents in the United States need property insurance. According to the latest research and data from USA Census (source: census.gov), there are over 131 million households in the United States. With an average home value of $204,107.84, an average homeowner pays only $757.51 a year on home insurance. USA Census also reports an average of 2,894 per 100,000 households suffer from property crime every single year (2.894% property crime rate). "It is logical to protect your real estate investment with affordable property insurance," Eric added. "We can help you find the best coverage at the lowest rate."

How does PropertyInsuranceCoverage.com work? "All we need is your ZIP code," said Eric. When a ZIP code is entered, the system automatically determines the location of the ZIP code, connects with eligible property insurance providers in the specific area, and then displays quotes from multiple companies on the screen. The entire process completes in a matter of seconds.

There is no cost to use PropertyInsuranceCoverage.com's services. "It doesn't hurt to compare," Eric continued. "Let us help you save money on homeowners, renters, or condo insurance." Find, compare, and save money on property insurance quotes today.


Friday, June 22, 2012

Frontline Homeowners Insurance Launches New Blog - PR Web (press release)

Lake Mary, FL (PRWEB) June 22, 2012

Frontline Homeowners Insurance®, a leading provider of coastal homeowners insurance for residents in South Carolina and Florida, has launched a blog at http://www.flhi.com/blog/. The new blog is aimed at educating homeowners on how to protect their property from dangerous storms and take steps to reduce the risk of property damage.

"We created this blog to help the homeowner properly protect and insure their home against hazards, especially hurricanes and damaging winds which are common in our South Carolina and Florida service areas," said Patrick Nolan, Director of Web Applications. "The goal of our blog is to not only serve as a resource for coastal homeowners, but as a tool for us to educate our policyholders on how to reduce their risk, which in turn lowers claims."

Visitors to the new blog can read articles written by Frontline team members who have deep experience with coastal areas. As expert underwriters in the coastal Southeastern United States, Frontline representatives are keenly aware of the unique challenges condo, townhouse and single family homeowners face in extreme coastal weather conditions.

"We want our policyholders to be prepared when bad weather strikes, especially during North Atlantic Hurricane Season which runs June 1 to November 30," said Nolan. "At the same time we want our policyholders to know that in the event of a loss our Rapid Response Team, made up of local Frontline representatives, will be available to assist both during and after a loss."

For more information on Frontline Homeowners Insurance products and services, visit http://www.flhi.com. To request an online quote for South Carolina homeowners insurance or Florida homeowners insurance, visit http://quote.flhi.com or find a local Frontline agent at http://www.flhi.com/agent-locator/.

About Fronline
Frontline Homeowners Insurance, based in Lake Mary, Fla., is a group of independent insurance companies serving homeowners throughout the Southeast United States. Through their affiliated companies, Fidelity Fire and Casualty and First Protective Insurance, they offer homeowners a financially stable, proven company with a record of superior claims service. Frontline was established in 1998, offering home, property and liability coverage.


Letter: Home insurance policies baffle - Leavenworth Times

Citizens Property Insurance Executive Left Trail of Big Bills - The Ledger

<p>When Thomas Grady left another state job in March to become interim president of Citizens Property Insurance, he sent his staff a goodbye letter that urged:</p><p>"Think different. Be heard. But most of all, suck the marrow out of life, inside and outside the office."</p><p>Grady, a millionaire Naples securities lawyer and friend of Gov. Rick Scott, seems to have taken his own advice. In less than two months at state-run Citizens, he spent nearly $10,000 on expensive hotel rooms, airplane trips, a limo ride and a three-night stay in Bermuda.</p><p>And those business expenses don't include the cost of criss-crossing Florida in May when he met with newspaper editorial boards for a "listening tour" as he lobbied unsuccessfully to get the Citizens job permanently. Grady was passed over last week in favor of an out-of-state replacement.</p><p>On Tuesday, Grady defended his expenses, saying he was trying to immerse himself in his new duties, which required meeting with Citizens' employees and board members and others in the insurance industry. He also said he saved the company "tens of thousands of dollars" by refusing some reimbursements and declining to join other Citizens employees and board members on an April trip to London to meet with insurers.</p><p>"I think we were very frugal at expenditures actually," Grady said. "You couldn't do what I did for less money."</p><p>Among Grady's expenses:</p><p>$2,928 for round-trip business and first-class airfare to Hamilton, Bermuda, for meetings with insurers.</p><p>Two nights at the Ritz-Carlton on Amelia Island for $259 a night.</p><p>Four nights with meals at the Grand Hyatt Tampa Bay for a total tab of $941.</p><p>$319 for a single night at the Tampa Airport Marriott.</p><p>$114 for a limo ride to the Fort Myers airport from his $4.2 million Naples home.</p><p>So far, Citizens has reimbursed Grady $9,334 for expenses he reported between March 12 and May 3. Yet to be submitted are bills for his subsequent media tour.</p><p>Grady is also entitled to an extra three weeks' salary as severance, about $18,000, after losing out on the top job to Barry Gilway, a former Maryland insurance executive who started this week.</p><p>State Sen. Mike Fasano, a frequent critic of Citizens, called expenses like the $259 Ritz-Carlton room "unconscionable."</p><p>"This is a perfect example of how out of touch he and others in Tallahassee are as far as understanding and appreciating what the little guy and gal are having to deal with economically today," said Fasano, R-New Port Richey.</p><p>John Wortman, a Citizens board member, said he was not aware of Grady's travel tab. Wortman said he will propose that future expenses of Citizens presidents be made public each month as part of the board's meeting agenda.</p><p>"I think we as a board ought to look at the (president's) expense account," Wortman said. "If what you're doing doesn't sit well on the front page of the newspaper, you shouldn't do it."</p><p>Citizens is controlled by the state and funded partly by assessments on all insured Floridians, not just its 1.4 million policyholders.</p><p>This isn't the first time Grady's spending has come under the spotlight.</p><p>In 2009, during a two-year term in the Florida House, Grady billed the state a total of $7,850 for regular use of a private plane. That was more than any other lawmaker charged for private flights.</p>