On March 22, approximately 50 properties vanished when a massive mudslide struck Oso, Wash. Hundreds of acres of land were swept away by the Washington landslide, burying victims and debris in 80 feet of water and mud.
A growing trend in underwriting seeks to mitigate the cost of home insurance claims for roof damage by limiting coverage or refusing to renew insurance policies on older roofs. Although home insurance companies aren’t going after higher home insurance rates, homeowners will pay in other ways.
According to a 2013 National Oceanic Atmospheric Administration (NOAA) study, 43 severe local storms were reported between 1980-2011, representing $94.6 billion in adjusted damages. These costs are significant contributors to high homeowners insurance rates for families in the Midwest, but of more immediate concern is the risk to their safety.
New developments in the flood insurance market add to an already unpredictable climate, but in a positive way. Staggering rate increases from the National Flood Insurance Plan (NFIP) have actually opened new doors for private insurance companies to step in, saving homeowners tens of thousands of dollars.
An uproar in North Carolina about insurance company filings for large homeowners insurance rate increases continues as citizens await insurance commissioner Wayne Goodwin’s ruling on the matter. The insurance industry requested rate hikes averaging 25 percent statewide, just six months after a 7 percent increase went into effect.
For those who live in a natural disaster area where home insurance is common, you know all about the difficulties in finding the most comprehensive plan to protect your home in relation to pricing. Home insurance, because it covers so much more than just your property, can be extremely expensive. But no matter where you live, a good home insurance policy should be a necessity. Learn more about the different types of home insurance and how you can start saving today!
No matter if you're looking for a new home insurance provider or you need coverage for your first home, you should be aware of the potential disadvantages of certain policies as well as how you can save money on options you don't really need. Here are some commonly asked questions regarding home insurance. Educate yourself and find real protection for your home and family.