Additional coverages keep you afloat after a flood

My Insurance Doesn’t Cover What?! Understand common misconceptions that can leave you paying for a policy that may not cover you in case of water damage, and additions you can make to your policy to ensure you're covered.

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Ongoing patterns of severe weather mean homeowners and business owners have experienced everything from record snowfalls and tornadoes to recurring storms with wind, hail and record amounts of rainfall – all leading to a record number of flooded homes and businesses.

Water claims under personal or business insurance contracts can be confusing and easily misunderstood, and standard insurance does not cover everything.

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by Michael Sullivan

The homeowner’s to-do list: Here’s where to start

Time to get your property in shape after winter.

Now that the seasons have turned, it’s time to assess how your property weathered the winter. This is a good time to make a “to-do” list to prevent property maintenance and liability issues.

Starting from the top:

Roof – Have a roofer check for lifting, curling or missing shingles, or shingles that have suffered granular loss. Remove any debris or built-up moss that can reduce your roof’s life expectancy. Clean gutters of any leaves or debris.

Siding and gutters – Repair any damaged or loose siding; replace any damaged gutters and fascia.

Exterior paint – Warm weather is also a great opportunity to paint siding or doors on your home or garage. A fresh coat of paint can help protect your home’s exterior from the elements.

Windows – Replace and reglaze any windows that may have been broken or lost their seal over the cold winter months. These repairs can also help keep air conditioning costs lower in warm months. Check caulking around windows, basement window wells and other areas where water may seep in.

Railings – Inspect all handrails and porch rails; make sure they’re securely fastened to prevent falls.

Sidewalks and driveways – Since outdoor activities rise with the thermometer, repair any sidewalk or driveway cracks or shifted cement to reduce the chance a guest could trip or fall.

Outdoor lighting – Replace burnt-out bulbs in your outdoor lighting so that porches, steps and walkways have adequate lighting.

Play equipment – Before turning your children loose in the yard, check play equipment for sturdiness and mend gaps in fences. Cold temperatures and precipitation can take a larger toll than expected on these items.

Other equipment – Have your air conditioning serviced before the cooling season, and clean out your clothes dryer vent to prevent a common fire hazard. Replace worn caulking around faucets, and inspect pipes to make sure everything is in working order. Check batteries in your smoke and carbon monoxide alarms and in your sump pump.

A safe home makes for a happy homeowner….and an enjoyable spring!

Submitted by Laura Lewis

President Obama Will Sign Flood Insurance Relief Bill

Read our original post about the bill here: 
Congress Votes To Delay Flood Insurance Hikes

Last week, we wrote a post focused on the decision by both the U.S. Senate and House of Representatives to pass versions of a bill that would reverse certain measures of the 2012 Flood Insurance Reform Act, delaying significant rate hikes in federal flood insurance rates. These delays would mean continuation of a welcome cap on premiums for hundreds of thousands of homeowners.

Since clearing Congress, the bi-partisan bill has now been sent to President Obama, who White House officials say will sign it.

Critics say Washington is caving to pressure to undo some of the overhauls made to correct the budget crisis, for a program that is not fiscally sound or viable in the near term, which may be a detriment to taxpayers in the future. But for homeowners in flood zones, this comes as welcome news and a relief to their wallets.

Read more about the recent update here: http://www.insurancejournal.com/news/national/2014/03/16/323451.htm

2014 Insurance Claims Predicted To Increase

More than 5.6 million people hold flood 
insurance policies in over 21,800 communities 
across the country

Floods. Tornadoes. Hurricanes. Fire. Hail. Damages and spending on weather disasters and a changing climate have been on the rise since 1980 and are projected to increase, in part due to climate change. We Coloradans experienced the catastrophic effects that severe weather can have on our homes, business, and communities last September when we received an average year’s worth of rain in seven short days. The cleanup effort in the aftermath of the flood described as “biblical” by the National Weather Service is just the beginning of costs associated with such severe weather. 

Are you fully covered? Review your policy and make sure it protects you in case Mother Nature decides to impress us again in 2014.

Statistics show the reality that we’re seeing a change in weather patterns. Experts predict more severe weather this year than last, indicating the possibility of higher costs to individuals and communities nationwide, as weather-related claims have risen steadily over the last several years.

Global reinsurance firm, Munich Re, released a report focusing on what it says is a decades-long, increasingly severe series of such events and the costlier insured losses that have accompanied them. They found that the number of weather-related loss events in North America over the last three decades has "nearly quintupled," experiencing the largest increases in weather-related losses of any country. From tornadoes to hurricanes to wildfires, the continent is vulnerable to “every type of hazardous weather peril,” especially because there are no long mountain chains crossing its middle that might break up hot and cold air.

“When global warming combines with natural weather cycles,” the report states, “the risk of severe weather is intensified, and these factors will result in even larger loss costs from natural peril events than what we have seen so far.”

Experts predict extreme weather patterns to
increase in 2014 

The severe flooding and fires that affected many of our communities, families, and friends in Colorado in 2013 serve as a reminder as to why it’s important to make sure our homes, businesses, cars, and medical care are properly covered in case of catastrophe. We can look at what's happened and use that as a bit of a guide going forward. We should prepare for the weather risk changes that lie ahead.

Colorado was also struck by hailstorms last summer. Almost 70,000 total claims were filed due to the disaster, and nearly half of those claims were for vehicles. The Rocky Mountain Insurance Information Association (RMIIA) estimated that more than $85 million of the damages from those storms were vehicle-related.

Hail claims are an example of optional coverage that compensates policyholders for weather-related damage. Statistics show that about 75 percent of all U.S. drivers add comprehensive coverage to a policy. A policyholder may consider skipping a comprehensive policy in order to get a cheaper quote, but in light of recent reports on increasingly severe weather across the U.S., choosing comprehensive coverage is likely a smart move.

In terms of optional coverage, comprehensive is one of the last you should give up.  It only amounts to a small portion of your auto insurance bill, but covers a lot of events, especially weather that can be unpredictable.

It’s smart to be proactive with your agent to make sure you are prepared for weather-related problems that may arise. Review catastrophes from the past year, and consider how preparedness would have helped give you peace of mind. To us at Pure Risk Solutions, that means preparing for the coming year, protecting our families, making sure the things we love most – our families, our businesses, our homes, our dreams – are well cared for and protected from weather and other things that are out of our control.

Are your home and car fully covered in case of more extreme weather this summer? For a review of your policy, call or visit us online.

John Jacquat: (303) 834-1001