As global warming continues to produce catastrophic storms, more homeowners are discovering—often too late—the need for flood insurance. Historically, flood insurance premiums were dictated by Flood Insurance Rate Maps (FIRMs), published by the Federal Emergency Management Agency (FEMA). In reality,…
When the remnants of Hurricane Ida struck the Northeast, many property owners discovered that their homeowners’ insurance excluded damage caused by floodwaters. Both coastal flooding—overflow of inland or tidal waters—and flash flooding—rapid accumulation or runoff of surface waters—require special flood…
Warmer weather brings people out of their homes to enjoy the great outdoors. It also brings hurricanes and floods. (The Atlantic hurricane season starts on June 1 and extends through November 30.) The National Oceanographic and Atmospheric Association (NOAA) predicts…
When a natural disaster strikes, that fire, earthquake, hurricane or tornado isn’t just affecting people in the area. It’s affecting you and your insurance premiums. Two key takeaways: The increasing frequency and severity of natural disasters is driving rate increases…
According to a recent article in The Wall Street Journal, homeowners who experience catastrophic loss in floods and fires often face yet another disaster: inadequate insurance coverage. Many residents affected by major hurricanes and wildfires could not fully repair their homes with…
No two buildings are exactly the same. And no two building owners are the same, for that matter. That's why one-size-fits-all policies usually don't fit anyone very well. Standard building insurance policies make certain assumptions about coverage. For instance, a…