Property owners across Britain have been left devastated after floods that have damaged homes and businesses, and according to forecasts, more flooding is expected this weekend. Last weeks flooding left eight dead with at least 600 injured. The latest downpour has been estimated costing over one billion pounds.
Among the ‘worst hit’ was South Yorkshire, where streets are still desolate and many left homeless; massive clean up operations are underway that have been predicted to last several months. Some residents experienced water up to 5ft throughout the ground floor of their properties, once subsided leaving behind thick mud. In Sheffield the heavy downpour resulted in the River Don and River Sheaf bursting their banks; the lack of transport infrastructure meant many were left stranded.
For those unfortunate enough to have no insurance the damage is immeasurable. Mary Dhonau, coordinator of the National Flood Forum said, “"That's an awful lot of people who can't afford new accommodation and they don't have the money to replace all their items. It's heartbreaking. It's bad enough being flooded but to not have insurance is just the pits."
More insurance claims were made last week than half of an average years total, leaving many insurers struggling to cope. The Association of British Insurers Director General, Stephen Haddrill explains, “Insurers are working as hard as possible to reach customers and to visit properties early. But these events are so widespread that insurers are redeploying staff to affected areas, increasing staffing levels in call centres and undertaking visits to community centres. However, even emergency procedures cannot deliver our normal standards of service. We are doing all we can to help families, elderly customers and those with health difficulties first. We hope that other people can bear with us as we work through the backlog. We will reach everyone as soon as we can.”
Tuesday, September 4, 2007
Floods And Home Insurance
The recent severe weather has brought misery to many people as a result of unprecedented levels of flooding. The floods have highlighted that for many people flooding is fast becoming a fact of life with more than 2 million homes now at risk from coastal or inland flooding.
The Association of British Insurers (ABI) estimates that some 27,500 homes and 7,000 businesses were affected by the floods and the total cost of claims is thought to be 1.5 billion pounds. The clean up is now well underway although there have been some media reports that Insurance Companies have been dragging their feet and slow in processing claims.
The Government met the ABI on 10th July 2007 Following the meeting Stephen Haddrill, ABI Director General said "Insurers are doing all that they can to deal with the impact of the floods, including getting people re-housed in temporary accommodation and making provision for early payments to help deal with immediate hardship. Where cover has been taken out against business interruption through flooding insurers are helping those businesses to keep trading."
The floods have highlighted just how important it is to have the right building and contents insurance cover in place. Tragically many households had no insurance in place at all, some estimates put people holding no home insurance as high as 25 percent.
Home insurance is normally separated into two types of cover, buildings insurance - this covers the structure of your home and fixtures and fittings, and contents insurance - which covers all furniture and personal possessions, basically everything you'd pack up and take with you if you moved.
You can have both types of cover combined into one policy through one insurer or insure your buildings and contents separately though two different insurers. Cover will normally protect building and contents against the major risks of fire, storm damage, flood damage and theft, policies may also cover many additional risks as well.
Home Insurance quotes are rated on many factors including post code, occupation, type of property, and age of property. Insurers will often require adequate security including window locks and door locks. Insurers will often offer discounts for example for being a member of a neighbourhood watch scheme or having an intruder alarm fitted.
Nowadays there are many methods to obtain home insurance, often it is set up at the time of house purchase where the mortgage lender will insist that building insurance is in place before they will lend the money. Alternatively people may use an insurance broker, high Street bank / Building Society or you can get a home insurance quote on line via the internet.
The Association of British Insurers (ABI) estimates that some 27,500 homes and 7,000 businesses were affected by the floods and the total cost of claims is thought to be 1.5 billion pounds. The clean up is now well underway although there have been some media reports that Insurance Companies have been dragging their feet and slow in processing claims.
The Government met the ABI on 10th July 2007 Following the meeting Stephen Haddrill, ABI Director General said "Insurers are doing all that they can to deal with the impact of the floods, including getting people re-housed in temporary accommodation and making provision for early payments to help deal with immediate hardship. Where cover has been taken out against business interruption through flooding insurers are helping those businesses to keep trading."
The floods have highlighted just how important it is to have the right building and contents insurance cover in place. Tragically many households had no insurance in place at all, some estimates put people holding no home insurance as high as 25 percent.
Home insurance is normally separated into two types of cover, buildings insurance - this covers the structure of your home and fixtures and fittings, and contents insurance - which covers all furniture and personal possessions, basically everything you'd pack up and take with you if you moved.
You can have both types of cover combined into one policy through one insurer or insure your buildings and contents separately though two different insurers. Cover will normally protect building and contents against the major risks of fire, storm damage, flood damage and theft, policies may also cover many additional risks as well.
Home Insurance quotes are rated on many factors including post code, occupation, type of property, and age of property. Insurers will often require adequate security including window locks and door locks. Insurers will often offer discounts for example for being a member of a neighbourhood watch scheme or having an intruder alarm fitted.
Nowadays there are many methods to obtain home insurance, often it is set up at the time of house purchase where the mortgage lender will insist that building insurance is in place before they will lend the money. Alternatively people may use an insurance broker, high Street bank / Building Society or you can get a home insurance quote on line via the internet.
Flood Insurance Secret - Your Homeowners Insurance Policy Probably Doesn't Cover You!
Flood insurance is important because most homeowners insurance policies do NOT cover flood damage. In fact, most standard homeowners, renters, dwelling, and condominium policies contain specific clauses that exclude and reject any type of flood losses. These days many lenders will require you to make certain that your property is fully protected before they will fund your loan, but existing owners should check with their insurance agents to determine whether their current policies cover them for flood damage.
Congress created the National Flood Insurance Program (NFIP) in 1968 to fill the coverage gap contained in most property policies. Flood policies are available in communities nationwide. These programs meet federal standards and help minimize property losses.
Many people think that they only need flood insurance if they live near the water, but those living close to the coast, a lake, river, or similar low-lying area, aren't the only ones at risk. The National Flood Insurance Program (NFIP) says that one of every three claims comes from outside the high-risk flood areas. An overflowing drain or rainfall that overwhelms the drainage around your house can send rising waters into your home.
Tip: It’s important to think ahead and buy flood insurance before you need it. A flood policy takes effect 30 days after you buy it. Don’t wait until it’s too late.
A flood policy covers the insured home, building and its contents. The policy also pays for moving insured contents to a safe location and for expenses -- such as pumps and sandbags -- to protect a building.
Even though flood insurance is a federal program, you can buy flood insurance from the same local agent who handles your home or auto insurance policy.
The price of flood insurance depends on where you live and the amount of coverage needed. If you live in an area with low to moderate risk of flooding, you might be able to buy an NFIP “preferred risk policy” cheap.
Be sure to buy enough coverage. You can insure your home for as much as $250,000 and your personal property for as much as $100,000. Commercial buildings can be insured for as much as $500,000, with another $500,000 for contents.
Congress created the National Flood Insurance Program (NFIP) in 1968 to fill the coverage gap contained in most property policies. Flood policies are available in communities nationwide. These programs meet federal standards and help minimize property losses.
Many people think that they only need flood insurance if they live near the water, but those living close to the coast, a lake, river, or similar low-lying area, aren't the only ones at risk. The National Flood Insurance Program (NFIP) says that one of every three claims comes from outside the high-risk flood areas. An overflowing drain or rainfall that overwhelms the drainage around your house can send rising waters into your home.
Tip: It’s important to think ahead and buy flood insurance before you need it. A flood policy takes effect 30 days after you buy it. Don’t wait until it’s too late.
A flood policy covers the insured home, building and its contents. The policy also pays for moving insured contents to a safe location and for expenses -- such as pumps and sandbags -- to protect a building.
Even though flood insurance is a federal program, you can buy flood insurance from the same local agent who handles your home or auto insurance policy.
The price of flood insurance depends on where you live and the amount of coverage needed. If you live in an area with low to moderate risk of flooding, you might be able to buy an NFIP “preferred risk policy” cheap.
Be sure to buy enough coverage. You can insure your home for as much as $250,000 and your personal property for as much as $100,000. Commercial buildings can be insured for as much as $500,000, with another $500,000 for contents.
How to Obtain Flood Insurance in Florida
All across the United States, there are a large number of homeowners who have flood insurance coverage on their homes. An even larger number of homeowners do not have flood insurance coverage, even though they should. Due to a large number of natural disaster and rare weather events, there are many American homeowners that are interested in obtaining flood insurance coverage for their home.
Homeowners all across the United States are considering flood insurance coverage for their homes, but a large percentage of that number comes from Florida. During the spring and summer, many Florida residents have an increased flood risk. This flood risk increases due to traditional storms with a large amount of rain and hurricanes.
Since Florida residents are at risk for flooding, damage to their homes is likely to occur. Instead of just waiting for the next storm tocause damage, there are a large number of residents who are taking action. This action often involves purchasing flood insurance in Florida.
Purchasing flood insurance in Florida is the same as purchasing it anywhere else in the United States. The only difference between the two is that flood insurance in Florida is often more important than anywhere else in the country. This importance is due to the increased risk of thunderstorms and hurricanes. There are some residents who cannot go five years without experiencing local flooding.
Without flood insurance, the cost of repairing or rebuilding a home is often too much for a traditional homeowner to afford. To prevent themselves from losing their home or going into debt, a large number of residents are obtaining flood insurance in Florida. To obtain that flood insurance, many individuals are visiting their local insurance agents.
Obtaining flood insurance in Florida through a local flood agent is possible, but many homeowners are unaware that they could save additional money by obtaining coverage elsewhere. Many states have laws that allow flood insurance agents to offer discounts on the flood insurance policies that they offer. Despite these state laws, not all insurance agents do offer the discounts.
To obtain flood insurance in Florida for a low price, residents are encouraged to examine a wide variety of different insurance agents. One of the agents that should be closely examined is AmeriFlood. AmeriFlood is currently offering a discount of up to 12% for residents who live in qualifying states. The coverage plans being offered are the same as ones being offered by other agents. The only difference between the two is that AmeriFlood offers discounts that many other agents don’t.
Homeowners all across the United States are considering flood insurance coverage for their homes, but a large percentage of that number comes from Florida. During the spring and summer, many Florida residents have an increased flood risk. This flood risk increases due to traditional storms with a large amount of rain and hurricanes.
Since Florida residents are at risk for flooding, damage to their homes is likely to occur. Instead of just waiting for the next storm tocause damage, there are a large number of residents who are taking action. This action often involves purchasing flood insurance in Florida.
Purchasing flood insurance in Florida is the same as purchasing it anywhere else in the United States. The only difference between the two is that flood insurance in Florida is often more important than anywhere else in the country. This importance is due to the increased risk of thunderstorms and hurricanes. There are some residents who cannot go five years without experiencing local flooding.
Without flood insurance, the cost of repairing or rebuilding a home is often too much for a traditional homeowner to afford. To prevent themselves from losing their home or going into debt, a large number of residents are obtaining flood insurance in Florida. To obtain that flood insurance, many individuals are visiting their local insurance agents.
Obtaining flood insurance in Florida through a local flood agent is possible, but many homeowners are unaware that they could save additional money by obtaining coverage elsewhere. Many states have laws that allow flood insurance agents to offer discounts on the flood insurance policies that they offer. Despite these state laws, not all insurance agents do offer the discounts.
To obtain flood insurance in Florida for a low price, residents are encouraged to examine a wide variety of different insurance agents. One of the agents that should be closely examined is AmeriFlood. AmeriFlood is currently offering a discount of up to 12% for residents who live in qualifying states. The coverage plans being offered are the same as ones being offered by other agents. The only difference between the two is that AmeriFlood offers discounts that many other agents don’t.
UK Flood Insurance Cover - Are You Protected?
After the past three months have seen record rainfall in the UK and many towns have been devastated by the onslaught of rain where months of rain have fallen in hours, flash floods and flood damage has become the number one news story in the UK.
Many people are asking the government for help as they did not get coverage for their belongings because they could not afford it. It would seem that was now a false economy as many face the task of replacing the entire content of their homes and in some cases their businesses.
Why is this a false economy? The average home content insurance is a few hundred pounds a year and the average cost of replacing the entire content of a home is tens of thousands of pounds. Personally I see that as a false economy, don't you?
Watching a news report today where a man was asking for government help to assist him in replacing his belongings that were all destroyed in the floods. Now as much as I feel for the family that their personal belongings have been destroyed and how distraught they must be at having to start all over again, I am completely confused, some of the things that needed replacing were a fridge, a plasma TV, a surround sound home cinema system and so on (can you see where this is going yet?) Basically expensive belongings.
Now here is the thing had his home been broken into and someone stolen those belongings would he have blamed the government for this and ask them to replace the stolen items (probably in todays society but thats not the point). If this man could afford the state of the art systems then why not pay the yearly premium to protect them against everything not just floods!
UK flood insurance is not just for flooding but it is to protect your home and belongings against disasters no matter what they are. The government have done their bit and informed the insurance companies that they need to pay out and provide! We are already looking at raised water bills to pay for flood defenses do we need raised taxes as well for those that don't feel their belongings are worth protecting?
When you buy your home you take out insurance on the property itself because your mortgage company insist on it as they are protecting their interests. Should anything happen to the bricks then it is all covered, would your own belongings not be worth insuring for the same reason?
Many people are asking the government for help as they did not get coverage for their belongings because they could not afford it. It would seem that was now a false economy as many face the task of replacing the entire content of their homes and in some cases their businesses.
Why is this a false economy? The average home content insurance is a few hundred pounds a year and the average cost of replacing the entire content of a home is tens of thousands of pounds. Personally I see that as a false economy, don't you?
Watching a news report today where a man was asking for government help to assist him in replacing his belongings that were all destroyed in the floods. Now as much as I feel for the family that their personal belongings have been destroyed and how distraught they must be at having to start all over again, I am completely confused, some of the things that needed replacing were a fridge, a plasma TV, a surround sound home cinema system and so on (can you see where this is going yet?) Basically expensive belongings.
Now here is the thing had his home been broken into and someone stolen those belongings would he have blamed the government for this and ask them to replace the stolen items (probably in todays society but thats not the point). If this man could afford the state of the art systems then why not pay the yearly premium to protect them against everything not just floods!
UK flood insurance is not just for flooding but it is to protect your home and belongings against disasters no matter what they are. The government have done their bit and informed the insurance companies that they need to pay out and provide! We are already looking at raised water bills to pay for flood defenses do we need raised taxes as well for those that don't feel their belongings are worth protecting?
When you buy your home you take out insurance on the property itself because your mortgage company insist on it as they are protecting their interests. Should anything happen to the bricks then it is all covered, would your own belongings not be worth insuring for the same reason?
Why Flood Insurance for Your Home is Important
Making sure that your home is insured against flooding is more important in todays changing climate than ever before. There are more changes in our weather now and one year is very different to the last so ensuring that your belongings are insured is very important.
The UK has gone from having the warmest summer on record to the most rain ever recorded for three consecutive months. This has lead to not only flash floods but whole towns under water for weeks.
This has left homes and businesses in compete devastation with families having to start rebuilding their homes and businesses without customers and not being able to fulfill orders. Towns have been cut off and supplies of both water and electricity have been effected.
People are worried about health and livelihood but the government has has offered reassurance in the form of funds to help rebuild the towns and informing the insurance companies that they will pay out on policies where people have them.
It is common for people to have house insurance for their property but many see content insurance as not completely necessary and skip this to make a monthly saving. This in todays climate is a false economy. Imagine paying out tens of thousands of pounds to replace everything that you own inside your property compared to a few hundred to have peace of mind that you are covered should the worse happen.
Home Flood Insurance is commonly known as Home Content Insurance and it is no matter what people think important to make sure that you are covered just in case something should happen.
The UK has gone from having the warmest summer on record to the most rain ever recorded for three consecutive months. This has lead to not only flash floods but whole towns under water for weeks.
This has left homes and businesses in compete devastation with families having to start rebuilding their homes and businesses without customers and not being able to fulfill orders. Towns have been cut off and supplies of both water and electricity have been effected.
People are worried about health and livelihood but the government has has offered reassurance in the form of funds to help rebuild the towns and informing the insurance companies that they will pay out on policies where people have them.
It is common for people to have house insurance for their property but many see content insurance as not completely necessary and skip this to make a monthly saving. This in todays climate is a false economy. Imagine paying out tens of thousands of pounds to replace everything that you own inside your property compared to a few hundred to have peace of mind that you are covered should the worse happen.
Home Flood Insurance is commonly known as Home Content Insurance and it is no matter what people think important to make sure that you are covered just in case something should happen.
Thursday, August 2, 2007
Hurricane Season 2007: Tips to Keep Your Home Insured Against Flood Damage
The lazy days of summer are upon us. So pass the sweetened sun-brewed iced tea with the mini cocktail umbrella and light up a few tiki torches. But don't doze off in that hammock just yet. Along with summer comes the increased chance of severe summer weather. As hurricane season swiftly approaches, homeowners are encouraged to prepare for worst case scenarios.
Eight days shy of hurricane season, time is quickly ticking for consumers to take action against financial ruin in the event of catastrophe. With an increased amount of hurricanes anticipated this season, the National Oceanic & Atmospheric Administration urges folks to prepare for the worst. The NOAA reports that approximately 13-17 storms will be named and seven to 10 will likely become hurricanes.
So what do you need to do to prepare? Don't run to the home improvement store just yet. Plywood and duct tape won't prevent or fix damage from a hurricane. Because hurricanes bring torrential rains and cause extensive flood damage, you need to be sure you've purchased flood insurance.
"But doesn't my homeowner's insurance take care of flooding? I thought homeowner's insurance was supposed to cover things like this?"
While it seems logical that homeowner's insurance would cover flooding, it does not. With FEMA reporting flooding as America's #1 natural disaster, it makes sense to look into purchasing flood insurance.
You have several options when it comes to purchasing flood coverage. The National Flood Insurance Program offers two federal programs. The main stipulation for these programs is that your community must enroll and be an NFIP participant. This flood insurance can be purchased directly from the NFIP or from some insurance agents.
"But do I have to buy flood insurance when there is a national disaster program that will assist me?"
Because both programs provide coverage for flood damage, you don't HAVE to purchase flood insurance. Like many government programs, however, national disaster assistance requires much more paperwork and waiting than flood insurance does.
In addition, flood insurance does not have to be re-paid. Most disaster assistance comes in the form of a loan, so it has to be re-paid over a set amount of time. Disaster assistance is only guaranteed when the president puts it into effect - and even then you have to wait for reimbursement.
In short, keep in mind that FLOOD INSURANCE IS NOT INCLUDED in your homeowner's insurance policy. If you need to apply for flood insurance, start preparing ASAP. Unless you just built your house, there is a 30-day waiting period between when you apply for the insurance and the date it goes into effect. With a little more than a week before hurricane season and 30 days for your policy to take effect, don't let time slip away with the lazy days of summer unless you're insured for flood damage.
Eight days shy of hurricane season, time is quickly ticking for consumers to take action against financial ruin in the event of catastrophe. With an increased amount of hurricanes anticipated this season, the National Oceanic & Atmospheric Administration urges folks to prepare for the worst. The NOAA reports that approximately 13-17 storms will be named and seven to 10 will likely become hurricanes.
So what do you need to do to prepare? Don't run to the home improvement store just yet. Plywood and duct tape won't prevent or fix damage from a hurricane. Because hurricanes bring torrential rains and cause extensive flood damage, you need to be sure you've purchased flood insurance.
"But doesn't my homeowner's insurance take care of flooding? I thought homeowner's insurance was supposed to cover things like this?"
While it seems logical that homeowner's insurance would cover flooding, it does not. With FEMA reporting flooding as America's #1 natural disaster, it makes sense to look into purchasing flood insurance.
You have several options when it comes to purchasing flood coverage. The National Flood Insurance Program offers two federal programs. The main stipulation for these programs is that your community must enroll and be an NFIP participant. This flood insurance can be purchased directly from the NFIP or from some insurance agents.
"But do I have to buy flood insurance when there is a national disaster program that will assist me?"
Because both programs provide coverage for flood damage, you don't HAVE to purchase flood insurance. Like many government programs, however, national disaster assistance requires much more paperwork and waiting than flood insurance does.
In addition, flood insurance does not have to be re-paid. Most disaster assistance comes in the form of a loan, so it has to be re-paid over a set amount of time. Disaster assistance is only guaranteed when the president puts it into effect - and even then you have to wait for reimbursement.
In short, keep in mind that FLOOD INSURANCE IS NOT INCLUDED in your homeowner's insurance policy. If you need to apply for flood insurance, start preparing ASAP. Unless you just built your house, there is a 30-day waiting period between when you apply for the insurance and the date it goes into effect. With a little more than a week before hurricane season and 30 days for your policy to take effect, don't let time slip away with the lazy days of summer unless you're insured for flood damage.
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