Posts Tagged ‘Homeowners’
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April 24th, 2012
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All State Insurance Money-Saving Facts for Homeowners Vintage Booklet
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Tornado Alley: Twister damage a risk to more homeowners than previously thought
April 23rd, 2012
Tamara E. Holmes
It’s hard not to cringe when viewing pictures of homes destroyed during recent tornado outbreaks in states like Alabama and Texas. While many homeowners may consider such devastation to be unlikely in their own backyards, a new study finds that tornado risk extends well beyond the states traditionally considered to be in “Tornado Alley.”
Although Tornado Alley doesn’t have official boundaries, it refers to an area of lots of tornado activity in the Great Plains, which includes parts of South Dakota, North Dakota, Nebraska, Kansas, Oklahoma, Texas, Colorado and Illinois. However, homeowners who live outside that area and think they’re in the clear may be grossly misinformed, according to the study, conducted by business information provider CoreLogic.
According to the research, 16 other states reported a high number of tornado touchdowns between 2000 and 2011: Iowa, Louisiana, Mississippi, Alabama, North Carolina, South Carolina, Arkansas, Indiana, Missouri, Georgia, Ohio, Wisconsin, Minnesota, Florida, Tennessee and Kentucky.
“It is clear from the data that more than a dozen states outside the traditional Tornado Alley should be concerned about the potential for damaging wind or hailstorms,” Tom Jeffery, chief hazard scientist at CoreLogic , and Howard Botts, vice president and director of database development at CoreLogic, say in a statement. “While not all areas are of equal risk, at least parts of these states need to be aware of the increased potential for damaging storms.”
‘Extreme risk’
The study was better able to pinpoint parts of high-risk states that have a lower level of tornado risk than previously thought. Most people consider the states in Tornado Alley to be at “extreme risk” of tornadoes. However, no state falls entirely under the “extreme risk” label.
“While they may not contain an area classified as ‘low’ risk, they certainly do have areas with less than ‘extreme’ risk,” Jeffery and Botts say.
Likewise, only three Tornado Alley states – Kansas, Oklahoma and Illinois – rank among the 10 states with the most tornado touchdowns.
The amount of damage that tornadoes produce can be catastrophic. In 2011, insured losses from tornadoes and thunderstorms exceeded $ 25 billion, according to risk management firm Munich Re. That number is more than twice the $ 9.5 billion in insurance losses in 2010. As a whole, tornadoes were the costliest natural disaster in 2011.
“Everyone is at risk,” says Amy Preddy, a spokeswoman for State Farm. “I think the last few years have shown us that no matter where you are in the country, a tornado can come to you.”
Not an isolated event
While the past couple of years have yielded several severe tornado outbreaks that amassed plenty of media attention, the CoreLogic study actually takes into consideration many years of severe weather activity.
“One year or one decade of event data does not provide nearly enough information to make an accurate assessment of risk,” Jeffery and Botts say. “The CoreLogic risk analysis for damaging hail, tornadoes and straight-line wind is generated from the analysis of 30 years of data that are then modeled over a 10,000-year period to generate a statistically viable historic record.”
So if more homeowners are at risk of experiencing severe weather events, what does that mean as far as home insurance rates are concerned? Some insurers may adjust their insurance rates, charging higher premiums for homeowners who live in regions that are more at risk of sustaining tornado damage. Likewise, homeowners who live in parts of Tornado Alley that aren’t at “extreme risk” for tornadoes might see their premiums go down.
“After last year’s dramatic losses, most insurers are trying to get a better understanding of their true exposure to wind and hail losses,” Jeffery and Botts say.
At the very least, insurers are working to educate their customers that tornadoes and other types of severe weather are possible and even probable for a larger slice of the country than previously thought.
Preparing for the worst
Regardless of where a homeowner lives, he or she should prepare for tornadoes and other weather emergencies:
1. Develop a home safety plan. Make an emergency kit, which includes such necessities as your insurance information, water, non-perishable food and a weather radio. Also, determine the safest place in your home and let family members know where everyone should go if a tornado hits, Preddy says. A basement is the best option, followed by a room in the middle of the house away from windows.
2. Create a home inventory. Come up with a list documenting all of your possessions. Including photographs of valuable items can add clarity. Not only will the home inventory help you value property that’s been lost or damaged, but it can speed up the claims process. The aftermath of a tornado is the worst time to be trying to take an inventory of what was damaged because “in the time of disaster, it’s hard to remember everything you had at the house,” says April Eaton, a spokeswoman for Allstate.
3. Make copies. While your first inclination may be to keep your inventory in your home office, “if your house is blown away, so is your inventory,” Preddy says. Have extra copies on hand somewhere else, such as on a “thumb” drive stored in a safe deposit box.
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Tags: alley, damage, Homeowners, More, previously, Risk, than, thought, tornado, Twister | 
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Flood Insurance: A Primer for Homeowners, Renters and Anyone Living in Coastal Areas
April 18th, 2012
Flood Insurance: A Primer for Homeowners, Renters and Anyone Living in Coastal Areas
Most Americans don’t realize that flood damage is NOT covered by standard property insurance policies. This book helps educate homeowners and renters about how to protect themselves. It’s a primer on flood insurance, covering the mechanics and details of how flood-related damages are discovered, identified, repaired, insured, litigated, negotiated and settled. Uses NFIP and FEMA insurance/risk management guidelines, standard insurance policy language, current case studies and analysis of black-letter law to give the reader a thorough understanding of this risk. And practical tips on what to do when flood waters start to rise.
List Price: $ 19.95
Price: $ 19.95
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1958 Allstate Deluxe Homeowners Insurance Your In Good Hands Ad
April 8th, 2012
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All State Insurance Money-Saving Facts for Homeowners Vintage Booklet
| US $14.26 End Date: Saturday Jun-02-2012 9:26:29 PDT Buy It Now for only: US $14.26 Buy it now | Add to watch list |
1960 Allstate Insurance Ad Homeowners Scheller Scranton
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1971 Allstate Deluxe Homeowners Insurance Cartoon Ad
March 31st, 2012
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1981 Pink Panther Safeco Homeowners Insurance Print Ad
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Which is better, higher homeowners disaster insurance or better building frames?
March 31st, 2012
Question by the “eggster”: Which is better, higher homeowners disaster insurance or better building frames?
Best answer:
Answer by acermill
BOTH and NEITHER. As an explanation, certainly better structural standards are advisable, particularly in areas which are prone to such natural disasters.
However, only extreme advances in framing and construction can nearly eliminate damages from severe storms.
BOTH situations are recommended, based upon examination of the quality of structural situations in each property insured.
Give your answer to this question below!
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BB&T Expands Online Insurance Offerings with Homeowners and Travel Insurance
March 29th, 2012
Winston-Salem, NC (PRWEB) August 15, 2011
BB&T Insurance Services is offering consumers two more online insurance products. In addition to buying homeowners and travel insurance through BB&T Insurance Services local offices, consumers across the country can now buy them in real time, online at Insurance.BBT.com.
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CBS4: Advice On Homeowners Insurance For Fire Victims
March 28th, 2012
Colorado’s wildfire season is off to an early and dangerous start with the Lower North Fork Fire. RMIIA’s Carole Walker gives advice to homeowners both in and out of the path of this latest wildfire.
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Chicago Homeowners Insurance Water Exclusion
March 24th, 2012
Chicago Homeowners Insurance Water Backup Exclusion: This video highlight the water damage exclusions found on a Chicago homeowners insurance policy. Feel free to contact us with any questions www.zeiler.com
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What is NOT Covered My Homeowners Insurance Policy?
March 24th, 2012
www.MurrayGRP.com – #67 – Let’s start by saying that every homeowners policy is different and every homeowners insurance carrier has different unique coverages… Basically there are NO absolutes here. That being said there are seven perils that are not covered on any of the standard Basic, Broad or Special form homeowners insurance policies and those seven perils include 1) Ordinance or Law 2) Earthquake 3) Flood 4) War 5) Nuclear Hazard 6) Wear and Tear 7) Intentional Acts A couple of those including earthquake and flood you can buy coverage for. But the coverage does not come standard on most homeowners insurance policies. It is important to always consult a professional insurance agent about your specific insurance needs. Our team of insurance professionals at The Murray Group would be happy to answer any questions you have regarding your homeowner insurance policy. Click the link above to visit our website and learn more. ACTION: If this video provided you with any level of value Please Click the “Like” button above. www.MurrayGRP.com
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