Part One in an Ongoing Series on Home Winterization

State Farm, by way of the Insurance Journal, has a good heads up on winterizing your home’s pipes.

Pipes freeze and burst, State Farm says, when outside temperatures drop below 20 degrees.

The damage from even a minor break in your pipes can be devastating: “A one-eighth inch (3-millimeter) crack in a pipe can spew out more than 250 gallons of water a day.”

Here are a few verbatim tips from State Farm, handily organized into list format by yours truly:

1. Disconnect outside garden hoses.
2. Wrap exposed pipes with insulating sleeves or tape.
3. Seal foundation cracks that let arctic air freeze pipes in crawlspaces.

If the mercury is dropping fast and you want some quick, temporary fixes, State Farm suggests the following:

1. Open cabinet doors to allow heat to get to piping under sinks and vanities near exterior walls.
2. Run a small trickle of water at vulnerable cold and hot faucets.

And if I may add a postscript to that last tip, particularly for those people who live in the arid west, place a bucket under the trickling faucet and water your house plants with the water. (Water is scarce!)

Are you energy and/or money conscious? Don’t be too quick to cut the heat in your home. If you live in a perpetually cold winter climate, the Red Cross recommends keeping the thermostat above 55 degrees.

(There are better ways to conserve energy and save money: get storm windows and doors and add insulation to thin areas to prevent heat loss.)

If your pipes do burst, the first order of business, before you call a plumber, is to turn off your water supply. Now would be a good time to learn how to do this (and teach everyone in your household how to as well) if you don't already know.

Stay tuned for more winterization tips…

Posted by Jeb Foster at 09:06 AM | Permalink
 

I posted a little something on the InsureMe Agent Blog today regarding identity theft insurance, and thought it was only fitting to revisit ID theft insurance.

Why?

Well, according to the J.D. Power and Associates 2006 Homeowners Insurance Study (see their press release here), over 40 percent of homeowners would like their home insurers to offer identity theft insurance coverage. Between the increase of large corporations leaking personal info, natural disasters spreading our business in literally all directions, and the government dipping into more of our personal affairs, it's no wonder that many of us are looking for ways to protect ourselves.

But I don't think identity theft insurance is the answer—at least not yet.

As I said in June, most ID theft policies aren't all they're cracked up to be. If your identity is stolen, ID theft insurance won't pay to help you repair any damage to your credit, nor will it help you absolve yourself of any illegal activity carried out under your name. Not great protection if you ask me.

Take a look at our post about ID theft insurance to get the full scoop, and to learn how you can protect yourself without buying superfluous (and frankly, moot) coverage. But do keep a lookout for advances in ID theft insurance. As consumers demand better protections, I'd venture to say that someone, eventually, will listen and give us a better product with which to protect ourselves.

Posted by Megan Mahan at 02:16 PM | Permalink
 

It seems as if everyone's been so caught up in hurricane madness over the last year, that we've sort of forgotten about another serious catastrophe: earthquakes.

That is, until last week when a 6.6 magnitude earthquake rattled Hawaii.

Robert Hartwig, the executive vice president and chief economist for the Insurance Information Institute (I.I.I.) said last week's quake was "a reminder that disaster can strike anywhere at any time."

Not to scare the bajeezus out of you, but it's true. And fortunately there's something you can do to protect yourself from earthquake damages.

Like flood insurance, earthquake insurance can be purchased in addition to your home insurance policy. As the name suggests, it covers damages to the structure of your home—and in most cases your belongings—resulting from an earthquake. And, like flood insurance, many homeowners don't realize that earthquake-related damage is not covered by a standard home insurance policy.

And if you're anything like me (a properly landlocked native of Iowa, living far, far away from seismic activity), you want to learn everything you can about earthquake coverage so that you can adequately protect yourself.

Let's embark on this adventure of earthquake insurance edumacation together, shall we? :)

Continue reading "Earthquake Insurance: Few Have It, Many Need It" »

Posted by Megan Mahan at 01:24 PM | Permalink
 

It seems that students aren't the only ones heading back to school this year. The Insurance Journal reported today that states are looking to beef up agent education in one very important area: flood insurance.

IJ reports that the National Association of Insurance Commissioners (NAIC) has adopted a "model bulletin" for insurance professionals who offer flood insurance through the nation's National Flood Insurance Program (NFIP). The effort relates to the 2004 Flood Insurance Reform Act, which requires flood insurance producers to bone up on the intricacies of flood coverage—the need for which dramatically spiked with the Gulf tragedies in 2005.

Now, the Federal Emergency Management Agency (FEMA) and state departments are developing continuing education classes for insurance professionals. New continuing-ed requirements include satisfying a certain number of NFIP-related courses; failure to comply with these requirements may result in an agent losing his or her ability to write flood insurance policies through the NFIP.

What's this mean for you?

Additional agent training and education always bodes well for consumers. Among other chief objectives, the Flood Insurance Reform Act is geared towards consumer satisfaction—helping Americans get the best service possible from their insurance professional.

At InsureMe, we've made it easy to learn about flood insurance, too. Visit our Insurance Resource Center or take a look at this recent Insurance Blog post to learn more about flood coverage.

Posted by Megan Mahan at 11:12 AM | Permalink
 

Terror in the Superdome. "Brownie" asleep at the switch. Reconstruction money going to bottles of Dom Perignon and sexual reassignment surgery. FEMA trailers made of carcinogenic material.

In the year since Katrina, there has been little good news coming from Gulf Coast. That's either because there hasn't been much good news to report or, more likely, because bad stories tend to hog the headlines.

The other day I came across this story from Reuters about how most Gulf Coast residents are actually happy with the way insurers have handled their claims. The story reported on findings from the Insurance Information Institute—an organization Reuters notes is both non-profit and associated with the insurance industry. While I wish the evidence of this happiness came from an independent polling agency and not the Insurance Information Institute, I am confident the data is right on the money. (I don't mean to question the integrity of the III, but I think the results would have greater impact had they been issued by a polling agency without the word 'insurance' in its name.)

According the III, 90 percent of homeowners in Louisiana and Mississippi were satisfied with how insurers handled their claims. That not a small percentage, folks. Further, only 2 percent of Katrina-related homeowner's claims are in dispute, according to the report.

Clearly insurers are doing something right down there, even though headlines suggest otherwise. Here are a few other possible conclusions from the III's report:

• The media is fixated on bad news.
• Insurers actually aren't evil and are, in fact, doing a lot of good work.
• Insurers need to spend more of their giant profits on a PR campaign that highlights their contributions to the rebuilding of the Gulf Coast.

Here's the entire III release.

Posted by Jeb Foster at 01:37 PM | Permalink | Comments (3)
 

No one questions that there is an insurance crisis is Florida. What is open to debate is whether Florida's political leadership is in crisis mode.

According to a story in the Tallahassee Democrat, the current Republican leadership would prefer to wait until elections are over this fall before taking any substantive action on the lack of affordable property insurance in the state.

Not surprisingly, that leaves more than a few Floridians a little concerned, because November is a long way off and hurricanes don't wait for political solutions before making landfall.

Democrats, who hope to pick up seats in the legislature and take the top spot in Tallahassee, have spent a large chunk of their summer campaigns hammering the GOP's response (or lack thereof) to the crisis. Republicans have responded by saying that Democrats shouldn't "play politics" with such an important and complex issue. They both have good points.

Continue reading "Are Florida's Leaders Stalling on an Insurance Remedy?" »

Posted by Jeb Foster at 08:18 AM | Permalink | Comments (1)
 

Insurers are studying the impact of global warming on insurance rates, and homeowners could start to feel the heat.

The Boston Globe reported this week that a small but influential segment of the insurance industry is studying whether climate change is partly to blame for more intense hurricanes in the North Atlantic, which caused an estimated $90 billion in losses in 2004 and 2005. The findings could elevate home insurance rates for those along coastal regions from Maine to Texas.

Risk Management Solutions (RMS), a leader in quantifying and measuring catastrophic risks (whose models are used by over 400 insurers and financial institutions worldwide) has already adjusted the computer model it uses to simulate and anticipate future weather trends. According to the Boston Globe, RMS released this new model in May, estimating that annual insurance losses will increase by as much as 30 percent along the coastal Northeast due to elevated hurricane activity.

Continue reading "Will Homeowners Feel the Heat of Global Warming?" »

Posted by Megan Mahan at 09:57 AM | Permalink
 

According to an article in the Miami Herald, South Florida businesses face "permanent, crippling economic damage" due to the lack of affordable windstorm insurance.

Further, the high cost of coverage has many business considering a move to less volatile environs--a prospect that bodes ill for the state's unemployment rate and economy as a whole. Consumers (who have insurance woes of their own) are also feeling the hurt, as businesses pass on the high cost of windstorm coverage in the form of higher prices.

Unlike homeowners, Florida business owners cannot turn to state-sponsored windstorm insurance.

The real estate market--one of the key pillars of the state's economy--is also reeling from the insurance crisis. Because insurance is so hard to come by, builders aren't able to get mortgages. This means that the state's tax revenue will suffer, as much of Tallahassee's income is tied to taxes on real estate transactions.

So to sum up, Florida faces flighty businesses; high prices for consumer goods; the prospect of a spike in unemployment; economic stagnation; and a hurricane season that is just getting going. (And I heard the organge crop was big dissapointment this year.)

This state just can't get a break.

Meantime, businesses, insurance companies, real estate brokers and bankers don't know a way out of the insurance crisis, and they think the state's political leadership has taken a casual attitude toward finding a solution. ''The insurance department has dropped the ball on this crisis. By the time they finish talking, we could have been hit by a hurricane,'' Carlos Allen, vice president of Pan American Assurance, told the Herald.

He's got a point.

Gov. Jeb Bush created the Property and Casualty Reform Committee last month. Its first report on the state's insurance crisis isn't due until Nov. 15--pretty much the time when the hurricane season packs it in for the winter.

Posted by Jeb Foster at 11:15 AM | Permalink
 

If you've ever shopped for a homeowners policy, the chances are good you had to disclose whether you owned a Rottweiler, Pit Bull, Doberman, Chow, or German Shepard. (Sometimes even Dalmatians make the list.)

And if you do own one of the above breeds? Well, you may now be paying more for your policy than your Peekapoo-owning neighbor.

The U.S. Humane Society and the American Kennel Club label this "breed discrimination" and they're lobbying every state legislature in the union in hopes of stopping the practice. Deeds not breeds, they say, should be the determining factor in underwriting. Because what if your docile German Shepard is a saint next to your neighbor's Peekapoo? Should you have to pay a penalty or be denied coverage while the other guy gets a pass?

Continue reading "Do Insurers Unfairly Target Certain Dog Breeds?" »

Posted by Jeb Foster at 10:27 AM | Permalink | Comments (3)
 

Firefighters in southern California caught a break yesterday as a quarter inch of rain fell on flames that have scorched 85,000 acres and claimed as many as 60 homes.

The rain, however, raised fears of flash flooding. (The newly charred mountain hillsides provide ideal circumstances for flooding.)

If it's not one thing ...

Fire and flooding are perils that should be on every homeowner's radar screen. It's also important to remember that while your homeowners insurance covers for fire damage, it does not cover for flooding. (Visit the National Flood Insurance Program for information on flood protection.)

Also, as Megan pointed out in an earlier post, when it comes to fire protection, make sure your home is insured for the replacement cost rather than the actual cash value. (There are no deductions for depreciation in replacement cost policies.)

I can only hope that the residents of those 60 homes were able to get their important belongings and records out before their homes were consumed by the fire.

That reminds me--there is an excellent (and free) home inventorying program available for downloading at the Insurance Information Institute's Web site. Knowing exactly what you own will speed the claims process should your water or fire (or anything else) damage your home and possessions.

Posted by Jeb Foster at 04:09 PM | Permalink
 

Can you waterproof your basement? According to Basement Systems, yes you can.

Basement Systems has developed multiple waterproofing products, ranging from a patented piping system called WaterGuard that helps filter water and soil away from your flooring, to a protective floor matting system called ThermalDry to keep your floors from becoming vulnerable to dampness and mold. Basement Systems also offers a state-of-the-art sump pump called the Triple-Safe which can pump up to 6,200 gallons of water per hour.

I spent a fair amount of time on the Basement Systems website and it all looks pretty incredible. All of the waterproofing products aptly compliment one another to keep your basement as dry as possible during a flood and minimize damage to floors and walls. And while the site makes no mention of lower home insurance costs, it seems like a no-brainer way to save.

So if you do decide to waterproof your basement with products like this, be sure to tell your agent about the extra measures you've taken to protect your home from damage. It will likely warrant lower insurance premiums and significantly decrease the likelihood that you'll have to file a claim down the line—a good thing for you and your insurance company.

[Related posts]:
Cutting Down on Post-Flood Damage
Salvaging Storm-Damaged Belongings

Posted by Megan Mahan at 02:10 PM | Permalink
 

Many residents of the Gulf Coast who were denied coverage for flood-related damage last year will no doubt be watching very closely the results a newly opened federal court case.

According to the AP, the "groundbreaking" case could decide whether hundreds of homeowners will receive payouts for losses incurred last year from storms Katrina and Rita.

At the heart of this trial is the question of whether some hurricane-related damage was caused by wind or post-storm surge flooding, as well as whether insurers misled consumers into not buying sufficient coverage.

(Homeowner's policies often cover for wind damage but do not cover for damage from flooding.)

Plaintiffs in the case argue that insurance agents encouraged them not to buy flood insurance--that they were assured their homeowner's would cover for flood destruction. They argue that agents have a disincentive to inform homeowners about flood insurance because they typically don't make a big commission on such policies.

They also claim that insurance companies erroneously labeled wind damage as flood damage in their claims investigations, allowing them to deny coverage to many of last year's Katrina and Rita victims.

The potential fallout, if the plaintiffs have their way, is that insurers will be forced to pony up hundreds of millions of dollars for previously denied claims.

We'll keep you posted.

Posted by Jeb Foster at 04:43 PM | Permalink | Comments (1)
 

I found an interesting follow up to Penny's post about summer pool safety today, by way of the Insurance Journal.

Pennsylvanians who thought buying an inflatable kiddie pool would be an easy way let kids swim at home are thinking again. Turns out an enforcement code prohibits the use of most inflatable pools—unless parents opt to put a four-foot fence around it.

According to IJ, under Pennsylvania's Uniform Construction Code, pools more than 24 inches deep must be accompanied by a fence or screened enclosure. The enclosure must also be equipped with self-closing and self-latching gates. Such enclosures could add hundreds of dollars to a twenty-five dollar pool.

"A baby pool, whether it's a foot deep or three feet, can be even more dangerous than a pool with sturdy side walls that are four feet high,'' said officer Sandy Nicolo. "The fact is that children can find a way to get into anything.''

I have mixed feelings about this. I understand the potential for young children to drown in one of these pools, but I also think we should place some responsibility on the parents to keep an eye kids while they're out splashing around. One thing is certain—these rules and regulations have come a long way since I was a kid.

Which gives me a great idea: scrap the pools and bring back the Slip 'N Slide. That long, yellow, sprinkler-clad tarp made for endless backyard fun. While you do run the risk of sliding your belly over a rock or other garden surprise, a bruised rib is nothing to complain about, especially when compared to other summer water risks.

Check out the full IJ story here.

Posted by Megan Mahan at 05:06 PM | Permalink | Comments (2)
 

Well done, West Virginia.

The Register-Herald out of Buckley, W.Va.is reporting the partnership of State Farm and WVU Extension to help education women on insurance issues.

WVU Extension is a state organization aimed at educating and empowering the community about social, economic, environmental and technical issues. Terrill Smith, a WVU Extension agent, highlights the importance of insurance education for women:

Every woman who has to make insurance decisions for themselves and their families has wondered if the coverage she has on her car or home was enough. They wonder if they have enough life insurance coverage or if they need to invest in disability insurance. Many women have asked me questions about retirement coverage, homeowners' insurance and a variety of insurance issues.

Studies have also suggested that women seem to be falling through the cracks of America's healthcare system. According to a recent Kaiser Family Foundation study, over 17 million women over the age of 18 are without health insurance and one in ten working women are currently without health insurance. On average, men are 51 percent more likely to be covered under an employer's health plan, versus women at 38 percent.

At the risk of sounding preachy, this stuff is a big deal, which is why I commend State Farm and WVU, not only for recognizing the unique insurance needs of women, but for doing something about it. Tonight, the duo will offer a seminar regarding insurance issues. Those attending the seminar won't be pressured to purchase a policy of any kind, says Smith.

"People will not be asked to buy any insurance from State Farm or anyone else. This is just a wonderful opportunity for women to empower themselves by ask questions and getting information about insurance issues."

Sessions will be held from 1PM until 4PM and from 5PM until 8PM at the WVU Extension office and childcare will be provided.

Good stuff, West Virginia.

So...what's your community doing for you?

[Related article]:
Women and Health Insurance: Falling Through the Cracks? [InsureMe Insurance Resource Center]

Posted by Megan Mahan at 03:53 PM | Permalink
 

Well, there's good news and there's bad news. The good news is that, on average, 50 percent of homeowners in Eastern and Central Texas have taken steps to prepare their property to recover from a major hurricane. Thus, progress has been made. The bad news is that more action needs to be taken.

A new Hurricane Readiness Index reported that 65 percent of Southern Coastal Texas residents know that their home insurance policies don't cover floods and yet only 32 percent said they have flood insurance. In Eastern Coastal Texas, 82 percent of homeowners know that their policies don't cover flood damage and only 42 percent have flood insurance. Yikes.

Nonetheless, Jeanne Salvatore of the Insurance Information Institute offers this silver lining:

Continue reading "Texas, This One's for You" »

Posted by Megan Mahan at 10:40 AM | Permalink | Comments (2)
 

Could casino funds help cover Mississippi's skyrocketing home insurance costs?

Lawmakers are proposing that the state take part of their gambling revenue to hold down home insurance costs in the area. As we've reported before, property insurance isn't cheap or easy to come by in the Gulf coast and Mississippi brings, what seems to be, an innovative solution to the table.

Check out the complete story via the Insurance Journal...and please forgive me for today's short post. :)

[Related posts]:
Home Insurance Rates Skyrocket in Mississippi
Another Chance for Grants in Mississippi

Posted by Megan Mahan at 04:22 PM | Permalink
 

Good news for some home and business owners in New Hampshire who were hit by May flood waters.

The Insurance Journal is reporting that the federal government has approved about $14 million in grants and loans; IJ reports that over 4,600 applications for assistance have been filed with FEMA since President Bush signed off on a disaster declaration for six counties in New Hampshire.

Qualified homeowners are set to receive more than $6.7 million and the Small Business Administration has approved over $7 million in home and business loans. National FEMA spokesperson, Kim Pease, said that the goal of the grants is not to restore property to its pre-flood condition, but to provide enough money to help people secure their safety.

If you experienced home or property damage from May flooding, Pease advises residents and business owners to fill out loan applications from the Small Business Administration first—if you don't qualify, FEMA will work with you to find other programs that might be available.

Despite the heat FEMA's been roasting under since last summer, I have to say that I'm impressed with the agency's latest efforts. Not only have they been extremely quick to send funds, but according to homeowners, they've been nothing but friendly and helpful in getting flood victims the information to other funds and programs. Well played, FEMA. Well played.

Head over to IJ to check out the full story.

[Related posts]:

• What Time Is It? It's Flood Insurance Time!


• New Flood Insurance Policy Provides up to $15 Million in Coverage


• Can Coastal Property Owners Find Insurance?


• Cutting Down on Post-Flood Damage


• Salvaging Storm-Damaged Belongings

Posted by Megan Mahan at 10:20 AM | Permalink
 

I think this is good news for homeowners everywhere.

The Insurance News Network has the full story here; take a peek and learn about the new provisions in the Flood Insurance Reform and Modernization Act of 2006 (FIRM).

Posted by Megan Mahan at 04:07 PM | Permalink
 

As the East Coast gets deluged with rain, the West remains dry--dangerously so. Here in Colorado, our governor has requested disaster-area status for a few particularly parched agricultural counties. Highway signs remind motorists not toss their cigarette butts from their cars.

The prospect of catastrophic forest fire is scarily real--especially with the Fourth of July on the way and a long summer ahead.

So, I've got fire on the brain.

Fires have been part of the natural order in the West for thousands of years. What's relatively new is the presence of human structures in this fire-prone landscape. Despite the hazards, migration to wild areas has continued unabated for our country's 200-plus year history.

Proximity to natural beauty has its drawbacks of course, and this summer those drawbacks are in stark relief. Or are they?

According to the U.S. Forest Service, the threat of fire ought to be taken more seriously than it currently is. Instead, we have more and more people flocking to the outer edges of wild areas, often building large homes next to forests that are essentially stands of extra-large match sticks. Why?

Continue reading "Is Fire Awareness on the Back Burner?" »

Posted by Jeb Foster at 10:55 AM | Permalink | Comments (2)
 

The Hurricane Katrina Grant Program in Mississippi has announced that it will be accepting another round of applicants.

The Insurance Journal is reporting that the state has increased the insurance values used in calculating homeowner grant amounts by 35 percent, in an effort to compensate for higher post-Katrina construction costs.

The spokesperson for the Mississippi Development Authority said the action came after state officials realized that the majority of homeowners were "uninsured in comparison to inflated construction costs." Hmm. That seems like a rather basic observation, but continuing on...

The grant program is designed to provide financial assistance to homeowners who suffered damages and lived beyond designated flood plains, or did not have flood insurance coverage. It is among multiple housing initiatives in the state and along the Gulf coast after last year's raucous hurricane season.

IJ reports that more than 16,500 residents have applied for the Katrina Homeowner Grant Program; the grant is capped at $150,000 and does not affect those receiving state or federal benefits like pension or disability.

The program acknowledges that they may not be able to help everyone, but Mississippi governor, Haley Barbour, has stressed the importance of registering for the grant, saying, "If you don't register, we can't help you."

For more information and application guidelines, visit the grant page here.

[Related reading]:
Up and coming Mississippi state housing initiatives [Mississippi Home Help]
Home Insurance Rates Skyrocket in Mississippi [The InsureMe Insurance Blog]

Posted by Megan Mahan at 04:27 PM | Permalink
 

I found some good tips from the Institute for Business and Home Safety (IBHS) today, detailing how proper cleanup can help prevent futher damage after a flood. Minimizing flood damage from the start can cut down on toxic mold and extensive structural damage—which can jack up the size of your claim and make you an unattractive candidate to insurers come renewal time.

Whether in your home or business, after the threat of physical storm danger has passed, the IBHS recommends:

• Turning off electrical power, and keeping it off until it's safe to turn it on


• Ensuring that natural gas sources are safely secured


• Securing the exterior structure from further weather damage—boarding up broken windows, making temporary roof repairs and covering gaps and holes with plastic sheeting, etc.

Once it's safe to begin the actual clean up, the IBHS recommends:

• Disconnecting all electrical equipment and moving it to a dry place


• Removing as much standing water as possible


• Removing water-damaged materials


• Ventilating the flooded area with fans and dehumidifiers


• Calling in the professionals for help if need be

Having been through a couple of floods in my day, I can tell you that taking immediate action can save you all kinds of time and money, both during the clean up and restoration process, and in future home insurance premiums. Take a look at the full IBHS report here and be sure to check out our related post, Salvaging Storm-Damaged Belongings for more tips on preserving your belongings.

Posted by Megan Mahan at 04:14 PM | Permalink | Comments (1)
 

Gulf Coast residents aren't the only ones getting snubbed by skittish insurers. The New York Daily News reported today that some New Yorkers (yes, New Yorkers) have lost coverage because of last year's hurricane season.

Although New York's weather may not be as volatile as New Orleans', Allstate and Nationwide Mutual have decided that risky weather and high property values have made insuring some northeastern coastal areas an unwelcome financial liability.

"Homes in Long Island have gone up in the last five years between 60 and 70%. Believe me, our rates have not gone up by 60 or 70%," Allstate chief Edward Liddy told the New York Daily News. "You look at our exposure and you say 'We want to have enough capital to protect and care for all our 17 million households across the country.' To do that, you may have to reduce your exposure in a small way in other areas."

Even though New York hasn't been hit with a catastrophic hurricane since the Great Depression, the Daily News reports that Allstate plans to drop coverage of 30,000 homes in coastal New York.

Posted by Jeb Foster at 04:04 AM | Permalink
 

Will additional church insurance benefits increase congregations across the country?

That's my question, after reading the Insurance Journal's article about insurers like GuideOne, who provide parishioners in 19 states with added insurance benefits.

FaithGuard, the company's year-old home and auto insurance product, is gaining popularity, with new policies being purchased at a rate of more than 160 per day. So what kind of added benefits are policyholders earning with FaithGuard?

According to IJ, the insurance company, which insures over 43,000 churches nationwide, waives the deductible if your car is involved in an accident while driving to or from a scheduled worship or other religious activity. In addition, medical payments are doubled if you're involved in an accident while driving non-family members directly to or from a scheduled religious activity.

The benefits go on, including a five percent discount to non-smokers (which is pretty standard of most insurance companies) and mortgage payments are made up to $7,500 if you become disabled because of an accident in your home.

Perhaps it's the cynic in me for even asking this, but are there any provisions in place to keep people from taking advantage of these added church insurance benefits? With all the take, take, take going on anymore, I have to wonder if folks would return to church to see what they can get out of it—and not from a spiritual standpoint.

Despite my skepticism of others, however, I think products like FaithGuard can be a very viable insurance option for some Americans. Just make sure to compare the premium prices and benefits of products like FaithGuard to other policies in your area.

And, I'd be remiss if I didn't point out the handy quote box on the top right-hand side of the page. So, you know...if you feel like comparing some quotes, feel free to fill it out. If not, that's cool too. We're just happy you're visiting our blog. Really. :) [End unabashed InsureMe plug.]

[related post]: Will Life Insurers Give Discounts to Churchgoers?

Posted by Megan Mahan at 04:21 PM | Permalink | Comments (1)
 

Insurance Journal's Andy Simpson reports that some gulf coast residents are being scammed into buying bogus auto and homeowner's insurance. Unsuspecting consumers are lured by low premiums and promises of comprehensive coverage.

The Journal passes on this bit of timeless insurance wisdom:

If a policy looks to good to be true, it probably is.

Check out the video broadcast for the details--it's informative (if a depressing commentary on human nature), and Simpson's wooden performance (Edward R. Murrow he isn't) is entertaining.

Posted by Jeb Foster at 09:33 AM | Permalink | Comments (2)
 

As home insurance rates increase in Mississippi, earthquake insurance rates are on the decline in California.

The Insurance Journal reports today that policies issued by the California Earthquake Authority (CEA) will see rates decrease by an average of 22.1 percent. And, while about 85 percent of CEA policyholders will see their rates decrease, about 15 percent of CEA policyholders may see an increase in their rates.

Why all the rate flux?

New geological and soil surveys created "more refined maps," which indicated that some areas are more (and less) stable than previously thought. So while the majority of policyholders will see premium dips, some Californians will see increases due to more unstable soil conditions in their areas.

Despite some increases here and there, I think this is good news for earthquake-prone Californians...and it might have some folks in the Gulf considering a move out West. :)

Posted by Megan Mahan at 11:28 AM | Permalink
 

The sting will be sweet for Mississippi homeowners who are currently insured under Nationwide Mutual Fire Insurance Company. The Insurance Journal reported today that the state's insurance commissioner, George Dale, has approved Nationwide's rate hike request—by an average of over 16 percent statewide.

The rate increases were sought by the insurer after the catastrophes along the coast last summer, and starting September 9 of this year, Nationwide policyholders will see a rise in their home insurance premiums. Rates will increase more along some portions of coastal Mississippi than others; rates will rise 30 percent in Harrison County (south of I-10 and east of U.S. 49) and just over 21 percent in areas south of I-10 and west of U.S. 49. IJ also reports that the company may no longer write policies south of U.S. 90. [See the map here.]

Commissioner Dale has said that insurers must be granted increases to "keep the market viable," according to IJ.

"It's key to managing our risk," said Nationwide spokesman Joe Case. "Our goal is to maintain long-term viability and be there for customers in Mississippi and everywhere we do business."

Continue reading "Home Insurance Rates Skyrocket in Mississippi" »

Posted by Megan Mahan at 03:49 PM | Permalink | Comments (1)
 

Another insurance company is making it easy for its insured to get money and essential items like toiletries and clothing following natural or man-made disasters.

Stationed directly on catastrophe sites, The Hartford will soon begin offering its affected customers emergency claim cards to be used for buying essential items in the wake of disaster.

According to an article in Insurance Networking News, claims handlers will determine the amount of funds to be dispersed, and the card can be activated within 24 hours. The company calls the cards, "an innovative new tool for accessing emergency claims payments after a catastrophic event," as cited by its press release dated June 12.

"People whose homes have been destroyed by a hurricane or other catastrophe need food and shelter, of course, but they also need basic items like toothbrushes, clean clothes, and diapers," said Juan Andrade, newly appointed executive vice president of The Hartford's Property & Casualty Operations' claim organization. "It's important that our customers have a convenient way to buy these items immediately. Providing them with a choice can make it easier to get though the aftermath of a catastrophe."

Personally, I think the sentiment is great. But after reading a recent article at CNN.com that claimed hurricane aid victims had been spending government assistance on jewelry, vacations and other "nonessentials," (to say the least!), I wonder if this move is a wise one....

Surely there must be a better way to get help to those who need it, while holding them accountable for their purchases?

Is there a better solution? How can we hold the insured more accountable in situations like this? I'd love to hear your take on the story....

Posted by Penny Hagerman at 04:21 PM | Permalink | Comments (1)
 

I sort of feel like I'm failing you guys when I don't have some bit of breaking news to share (let's face it, Penny and Jeb were hard to follow today), but, well, I sort of don't have any jaw-dropping report to give.

But I was thinking about thinking about my posts from the last couple of weeks and it seems like I've given a lot of attention to hurricane preparation and maybe even one post about home insurance and wildfires. And then I thought, "Jeez. I'm probably forgetting some folks who never even have to bother with hurricanes or wildfires."

So, without further ado, I give you an article from our Insurance Resource Center: Natural Disaster Planning for Homeowners.

I'm telling you, this article is where it's at. It will help you with the three p's: Plan, Prevent and Protect [also known as "Insure"]. So whatever you're facing as a homeowner, we've got you covered.

Posted by Megan Mahan at 04:48 PM | Permalink