It is true that current global economic meltdown is having its hardest hit on financial institutions. Home purchase is really in the front of this hit. A lot of homes are loosing their initially stipulated values and this also has a direct impact on the home insurance companies providing coverage for such homes.
A point to note here is that home cover premiums may not drop immediately. (more…)
Insurance is a very common word in today’s world. There laws that require that in some of what we do, that insurance be involved. E.g Home insurance when getting a mortgage loan because no lender would want to have their collateral which is the home the financed left without adequate coverage.
Some have only taken home insurance because the mortgage financiers demand it meaning that were they (more…)
Major natural disasters have caused catastrophic amounts of property loss in the United States and other parts of the world. In 2005, the damage caused by Hurricane Katrina resulted in $81.2 billion in damage cost, making it the most costliest natural disasters in the United Sates history. This event, causing most insurance companies to raise home property insurance premiums to cover their risk in surrounding area. (more…)
Federal government have involved in making flood insurance coverage became available. Congress created NFIP, National Flood Insurance Program, for community to eligible for this insurance. This insurance program is administered by Federal Emergency Management Agency (FEMA)
In most cases government will decide that a community is flood prone, if they comply with federal flood program standards. To be eligible to get Flood Policy’s coverage, most building that is walled and have roof, and location is above ground. (more…)