|New Study: Americans Pay More for Weather
Catastrophes as Insurers Increasingly Shift Costs to Consumers and Taxpayers
Thu, March 22, 2012 | link
[Thu, March 22, 2012] Are policyholders and taxpayers
footing more of the bill for natural disasters? The Consumer Federation of American (CFA) today released a new study with insurance industry data that found that insurance companies have significantly and
methodically decreased their financial responsibility for weather catastrophes like hurricanes, tornadoes and floods in recent
years, shifting much of the risk and costs for these events to consumers and taxpayers. The report is being released as insurers
in eleven states have requested large homeowners’ insurance rate increases of 18 percent or more.
The study, "The Insurance Industry's Incredible Disappearing Weather Catastrophe Risk" (.PDF), contends that insurers "have hollowed out the coverage they offer to homeowners by increasing deductibles
and capping the amount they will pay if the home is damaged or destroyed. These coverage reductions expose taxpayers to higher
disaster assistance payouts because homeowners have less money available to help themselves."
The CFA report says that policyholders have
endured "significantly raised rates over the years" when it comes to buying protection. Insurers have also
shifted coverage for homes in high-risk areas to state insurance pools, reducing the insurers' own financial jeopardy, according
to the CFA.
only have insurers insulated themselves from their historic share of hurricane risk, they have made no serious effort to cover
risks associated with floods or terrorism, which are entirely backed by federal taxpayers, CFA concluded.
The good news is that professional &
licensed Public Adjusters such as Zevuloni & Associates are on the side of the homeowners, protecting them from catastrophe insurance disputes that the insurance companies don't
want to settle. Homeowners do not have to give up when an insurance company tries to tell them that they don't have hurricane
insurance coverage, or their claim simply isn't covered by the insurance policy. The insurance companies usually won't pay
without a fight.
people are now turning straight to a Public Adjuster when they have damage, but that is not the only time that their service
and expertise may be necessary. In most states, a policyholder has up to five years to reopen an insurance claim. In this
instance, a Public Adjuster will reevaluate the damage from a past claim and decide whether or not enough funds were given
by the insurance company. A large sum of policy holders are finding out that, in fact, they were not paid properly for past
damage and it is in their best interest, financially, to reopen the claim to try and recover those additional funds.
Whatever you decide, it is a good idea to
seek the second opinion of a Public Adjuster on your past or present insurance claims.You may reach me for a complimentary
consultation at 954.742.8248 or via email at firstname.lastname@example.org
Licensed in the states of FL, TX, GA, SC, NC, MD, CT, RI, ME - I can help!
Thu, March 15, 2012 | link
Estimated More Than 150 Tornadoes Touched
Down Between February 28 and March 3 2012, Causing Immense Loss & Damage
Wed, March 7, 2012 | link
[Wed, March 7, 2012] As reported by the Claims Journal, insured losses from the tornadoes, hail and high winds that struck in late February and early March may climb into the $1
billion to $2 billion range, according to catastrophe risk modeling firm EQECAT.
The majority of the tornadoes affected Alabama, Indiana, Illinois, Kentucky
and Tennessee, said EQECAT, which added that the tornado outbreak of Feb. 28-29 produced at least 36 tornadoes.
Tornado activity for the year is well above
average with 272 tornadoes compared with the 2005-2011 average of 123, reported EQECAT.
Across Kentucky and Southern Indiana on Monday, insurance
claim representatives continued fanning through tornado-stricken towns and rural areas, beginning to account for damages whose
ultimate cost is still unknown.
The recent outbreaks of deadly, destructive tornadoes raise questions about insurance coverage: How does tornado
insurance work, and why do homeowners often get stuck paying most of their tornado repair bills?
Unlike flooding, which can require a separate
policy, most homeowner and business insurance policies include tornadoes as part of standard coverage for wind damage and
severe weather, according to the Insurance Information Institute. In general, homeowners and renter's insurance covers property
damage from tornadoes.
The type of insurance policy, and the amount of insurance purchased, affect how much an insurance company will pay
for tornado damage. But even with tornado insurance, property owners will likely have to dig deep into their own pockets to
damage must be carefully and professionally assessed, estimated and documented. The claim must then be correctly worded, presented
and filed. The details of the way the claim is prepared & negotiated may significantly effect the settlement. Many business
and homeowners wisely choose to employ the services of licensed Public Adjusters to handle every aspect of the claim process.
hesitate to contact me if you have any questions about your property damage or insurance claim associated with the latest disasters. Licensed
in the states of FL, TX, GA, SC, NC, MD, CT, RI, ME, I have vast experience with tornado
may also call my office anytime at 1.877.ZEVULONI or visit www.florida-pa.com.