Another Headache from Hurricane Sandy Raise in Insurance Premiums

Hurricanes Raise Insurance Premiums

Fallen trees, flooded homes and cars, these are the devastation of a Hurricane to those who got spared by Sandy you're still be affected by it as premiums may rise and coverage could be slashed for homes in affected areas insurance agents said.

"Even if you haven't been hit, that doesn't mean some of your neighbors haven't been adversely impacted by the storm and that could impact you," says Michael Barry, a spokesman for the Insurance Information Institute, which represents home insurers.

The average homeowner insurance premiums this year is $1,004. Insurers cite several reasons for the spike, including losses from claims filed in previous years and low returns on their investments.

Homeowners can still avoid high insurance premiums by increasing their deductible. However, they'll have to pay more out of pocket when they file a claim in the future.

source smartmoney.com

Damage from Sandy? Report your claim immediately

progressive.com


Online or call 1-800-776-4737.

allstate.com

Online or Call 1.800.547.8676

statefarm.com

Online or call us direct at 1-800-STATE-FARM (1-800-782-8332).



Geico

Online or call anytime at 1-800-841-3000.

Steps to Check incase your Car is Flooded

Here are important steps to inspect your car and assess flood damage:

Check your oil indicator.

If the oil level is too high it may mean that there's water in the engine. Do not start or run your car it could cause severe damage.

Measure the depth of the flood water. It is possible water did not enter any parts that are susceptible to damage.

Determine how long your car was submerged. The shorter the time, the more salvageable any damaged parts may be.

Note the type of water that flooded your vehicle. Fresh water causes less damage to your car than salt water.

Check local weather reports for the temperature during and after flooding. Warmer temperatures may speed up corrosion, especially if your car was flooded with salt water.

Flood Insurance Policy

Storm and hurricanes happens, and flood damage can happen to anyone specially if you are located near coastlines. Most insurance compay offer flood insurance through National Flood Insurance Program (NFIP).

National Flood Insurance Program (NFIP) this program let property owners to purchase insurance protection from the government against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.

If you live in certain areas with greater odds of flooding and have a mortgage, federal law may require you to have flood insurance. But even if you’re not required to have flood insurance your home and properties could still be at risk.

Flood Insurance Coverage:

Flood insurance covers the structure of your home and your personal property from flood damage.  However, regular water damage and flood damage can be separate, specific conditions when it comes to property insurance.

Most flood insurance policies require a 30-day waiting period before the coverage is effective. 

Impacted By Recent Storms?

If you need to report a claim from Geico or follow up on one you've already submitted, use online claims (http://www.geico.com/claims/) center or call anytime at 1-800-841-3000.

Visit Geico catastrophe center (http://www.geico.com/claims/catastrophe-center) for other storm related information.

Vehicle insurance

Vehicle insurance (GAP insurance / motor insurance / auto insurance / GAP insurance / car insurance) - are insurance for cars, motorcycles, trucks, bus, and other vehicles used for roads. Insurance are purchased to provide financial protection against damages and bodily injuries resulting from traffic accidents and collisions.

It is a form of risk management primarily used to hedge against the risk of a contingent, uncertainty loss.

Terms of vehicle insurance differ from every region depending on legal regulations. Vehicle insurance may also include theft of the vehicle, and other damages sustained from things other than traffic collisions like floods, storm surges water damage, etc.

Vehicle insurance can cover some or all of the following items:

•     The insured party (medical payments)
•     The insured vehicle (physical damage)
•     Third parties (car and people, property damage and bodily injury)
•     Third party, fire and theft
•     In some jurisdictions coverage for injuries to persons riding in the insured vehicle is available   without regard to fault in the auto accident (No Fault Auto Insurance)
•     The cost to rent a vehicle if yours is damaged.
•     The cost to tow your vehicle to a repair facility.

Policies should specify each item that is covered. For instance, car insurance can be insured against fire damage, accident damage, theft, or flood damages independently.

You can check online for insurance quotes depending on the car and place of residence it can go from $450 to $1000 per year.

Insurance quotes for vehicles in the U.S. are determined by the insurance companies like
GEICO, Progressive, Allstate, State Farm etc. The sum of annual payment is calculated according to complex scheme of points and bonuses, discounting the car cost and insurance driver's history for the past year.

The lowest insurance package will cover only a part of damage in a claim, the rest of the expenses will be covered by the driver.

The minimum insurance package does not cover a lot of things like legal defense and court costs and haulage of crashed cars.