An insurance binder is simply a temporary proof of insurance coverage while you are waiting for the formal issuance of a policy from your insurer. They often come into play when you are purchasing a new home and need to prove that you have the necessary insurance in place at closing. A binder is often […]
Sunset on Lake Martin, Breaux Bridge, Louisiana. Recently, a Louisiana bill that is designed to make it easier for private insurers to offer flood insurance in the state was sent back to the House to look at amendments that were added by the Louisiana Senate. The House Bill 577 was introduced by Rep. Scott McKnight, […]
In most cases, homeowners receive a renewal form from their insurance company a few months before the end of their policy term. In this case, the homeowner simply needs to review the information, sign the renewal, and send it back to sign up for another year of coverage. Unfortunately, some homeowners receive a non-renewal notice […]
An insurance deductible is simply the amount that you have to pay any time you make a claim on your policy before your coverage kicks in to cover the rest of the loss. Most types of insurance come with a deductible and the deductible amount can range as low as $100 well into the thousands […]
The Insurance Information Institute (III) recently released a new report entitled Flood: Beyond Risk Transfer. It predicts that major flood events will grow over the next 30 years, even though insurance and policymakers improve their abilities to reduce flood risks. “Our understanding of loss trends and expertise in assessing and quantifying risk must be joined at […]
Recently, Florida lawmakers passed two bills that will make major changes to the auto and homeowners insurance markets in the state. The bills will now be sent to Governor Ron DeSantis, who must sign them before they become law. Here is a quick breakdown of both bills and how they will impact insurance in Florida: […]
If you own a vacation home, you will need a separate secondary homeowners policy to protect your investment. The protection offered by the homeowners policy on your primary home does not extend to a second home. What is secondary home insurance? Vacation home insurance is often called secondary home insurance and while it is very […]
A recent report by ValuePenguin looked at the new risk ratings that the Federal Emergency Management Agency’s (FEMA) will be using when determining premiums for flood insurance in the National Flood Insurance Program (NFIP). The report found that millions of homeowners could see noticeable increases in flood insurance costs. FEMA’s new rating system is called […]
The Florida House moved a bit closer to passing a property insurance bill on Friday when HB 305 was approved by the House Commerce Committee. However, the House bill is significantly different from a bill passed by the Senate. Lawmakers will need to reach some sort of agreement on a final version by the scheduled […]
According to a recent report, The Colorado State University (CSU) Tropical Meteorology Project Team predicts that we will have an “above average” Atlantic hurricane season this year, with 17 named storms. This number includes eight hurricanes, four of which could become major hurricanes. The team used models that incorporate 40 years of historical hurricane data […]