Updated Thursday, April 23, 2020.
The new coronavirus and the disease associated with it (COVID-19) will certainly have some effect on property and casualty insurers. The extent of those effects will not become clear until well into the future.Read More
Imagine a tree falls through the roof of your home during a rainstorm. Not only is your roof in need of repair but so are many of your belongings. When it comes to replacing your damaged belongings, your insurance company will have to determine the value of what was damaged or destroyed. The two most common methods for this determination are Actual Cash Value (ACV) and Replacement Cost (RC).Read More
When you buy a property insurance policy, you’re buying a promise from an insurance company: you’re essentially paying a small amount of money each month to protect yourself, your family or your business against a much larger loss.
But what happens when you do suffer a loss? Although insurance policies can vary, the duties after loss tend to be fairly standard.
Let’s say your kitchen catches on fire, or you accidentally run a red light and hit an oncoming car, or perhaps during a windstorm the shakes on your roof blow away, letting the rain and debris come into your home — what do you do?
According to most insurance policies, you must:Read More
We often discuss disaster preparedness on our blog, but one thing we don’t spend much time covering is the parts of your insurance policy that may come into play after a disaster happens. As we always caution, talk with your agent. He or she is your best resource. Still, we can offer a few tips on what you should talk to your agent about when discussing coverage.Read More
Did you know that not all earthquakes are the same? It's true. Earthquakes happen at different depths, known as “shallow,” "intermediate" and “deep” earthquakes. And, although the Richter scale reading can give a good indication of how bad the damage might be, different types of shaking occur during a quake.
Earthquakes and their shaking are complicated subjects, but a little background information can help deepen your understanding beyond simple Richter scale readings.Read More
September is National Safety Preparedness month. The National Safety Council recommends following these four steps to be sure your home or business is prepared for a disaster:
- Build a kit
- Make a plan
- Stay informed
- Get involved
According to the Insurance Information Institute, up to 40% of businesses that are forced to close by a natural or human-caused disaster never reopen. While business interruption insurance is a vital part of getting back up and running after a disaster, it may not cover all of your needs. Luckily, there are many steps that businesses can take to help improve the odds of a full recovery after a serious business interruption.
Topics: disaster preparedness