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The detailed aspects of home insurance
Generally, insurance buying home owner is not an obligation. However, there is definitely something worth investing in. Your home owner insurance rates are usually based on several factors: whether you own or rent, what kind of liability coverage you need, the value of your property, the number of people living in the house, and the general condition of your home. Read full article…
National Flood Insurance Reform Approved by House of Representatives
The House of Representatives passed the National Flood Insurance Reform Act this week, which will re-authorize the National Flood Insurance Program (NFIP). After years of debates from lawmakers on how to handle the program, the House surprised many by passing the bill easily.
HR 1309 Passes with Overwhelming Support
The House passed HR 1309 with a 406-22 vote this week. Lawmakers were highly supportive of the bill that re-authorizes the NFIP.
USAA Gives California Customers 14.9 Percent Reduction in Homeowners Insurance Rates
Home insurance company USAA is reducing rates for the majority of its California customers by an average of 14.9 percent. This news came from California Insurance Commissioner Dave Jones in one of his most recent announcements.
Rate Reduction to Benefit about 200,000 Policyholders
Jones stated USAA Property and Casualty Insurance Group intends to lower its homeowners insurance rates for approximately 200,000 policyholders in California to help them better afford coverage.
USAAs decision to shift its rates downward has left Jones very pleased.
FEMA Chief Wants Insurers to Play Bigger Role in Flood Coverage
The Federal Emergency Management Agency (FEMA) wants Congress to encourage private insurance companies to provide coverage beyond the current limits for flood insurance. Since the limits for the National Flood Insurance Program havent been raised since 1994, FEMA hopes insurers will consider pushing the limit on their own.
FEMA is Encouraging Insurers to Push Limits Upward
FEMA chief, Craig Fugate, told the Senate Banking Committee on Thursday that he thinks the limits on flood insurance coverage should be adjusted upward, which would more accurately reflect the level of risk for floods assumed by the program.
However, he explained that doing so could have too great an impact on flood insurance policyholders who are accustomed to paying a certain amount. Fo
Dog Bites Represent More Than One-Third of Home Insurance Claims
A new report from the Insurance Information Institute (I.I.I.) revealed that dog bites represented more than one third of home insurance claims in 2010. Despite this high number of claims, the I.I.I. found that dog bites remained relatively consistent with those in the year prior.
Nearly $413 Million Paid in Liability Claims
According to the I.I.I., nearly $413 million was paid out in home insurance claims as a result of dog bites. W
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